Bitcoin repeating Hisotry?
Bitcoin is sitting on a major support trendline established back in 2011 that started as a resistance but turned support August of 2015.
Since then the trend line has been defended once just a year ago in December of 2018/ January 2019.
If history repeats itself we should see movement up to 10.2k-11k meeting resistance ultimately breaking the resistance on it's way to a new high to be determined by when it reaches somewhere between 20k-25k around august-December of 2020.
If bitcoin fails to hold support and falls through 6.2k then 3.2k looks to be in play as the support of a descending triangle pattern which is a bearish pattern. If 3.2k is reached I imagine a testing of the 6.2k area sometime in 2021 as 2020 would be the year of finding another bottom.
Since then the trend line has been defended once just a year ago in December of 2018/ January 2019.
If history repeats itself we should see movement up to 10.2k-11k meeting resistance ultimately breaking the resistance on it's way to a new high to be determined by when it reaches somewhere between 20k-25k around august-December of 2020.
If bitcoin fails to hold support and falls through 6.2k then 3.2k looks to be in play as the support of a descending triangle pattern which is a bearish pattern. If 3.2k is reached I imagine a testing of the 6.2k area sometime in 2021 as 2020 would be the year of finding another bottom.
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