BTC Monthly Chart - Strong Trendline + Strong Support = Long?
Looking at the Monthly BTC chart sometimes puts things into perspective.
Yes we have dropped 62% from ATH
Yes we are currently dropping through fib levels fast. But we have a strong trendline right under us and under that is a strong support level.
We have to break through some big barriers to drop down and volume is lower than last month, and what happened last month, we bounced up.
The RSI level is holding right now too, a previous level which bounced us from $465 to 20k.
The truth is no one knows for sure what will happen, we just look at possibilities, most people are saying we will drop more, to 6k 5k 4k, some even say 3k.
I just want to show you that there are other possibilities.
Note I am not a trader, this is not financial advice, just giving you ideas to think about.
Yes we have dropped 62% from ATH
Yes we are currently dropping through fib levels fast. But we have a strong trendline right under us and under that is a strong support level.
We have to break through some big barriers to drop down and volume is lower than last month, and what happened last month, we bounced up.
The RSI level is holding right now too, a previous level which bounced us from $465 to 20k.
The truth is no one knows for sure what will happen, we just look at possibilities, most people are saying we will drop more, to 6k 5k 4k, some even say 3k.
I just want to show you that there are other possibilities.
Note I am not a trader, this is not financial advice, just giving you ideas to think about.
Nota
I randomly sliced the weekly BTC chart into pieces, then counted the candles in the sections. If there were more red candles I added a red box, if there were more green candles I added a green box.Essetinally I made the monthly chart on top of the weekly lol
Look at the size of the candle I made though, it's a bear candle sure, but look how tiny it is, this tells me bears are running out of steam.
It tells me there is HOPE!
Hope don't pay the bills yet, but it's all bag holders and future buyers have right now.
Nota
This again is the monthly chart, it's not a pizza slice. It's a possible pennant bullish.Nota
Weekly Ichimoku Cloud says relax
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.