Bitcoin : Ascending channel and the phase 2 of break out
Price of the bitcoin has shown us a huge range of volatility in the last 12 hours of trading session and currently the price is still trending inside of this ascending channel that is so crucial. Will the future movement leads the price to the upper ling of this channel or will it claims down lower to the blue zone? Here is the current analysis.
I will make this very quick. To see this in the higher degree of cycle, we can see that the price is still trending right around the median line of the channel. This median line was acting as a resistance before it has broken out after the moves since the price touched the lower line of the channel which acted as a support trend line. I see the package of these movement as a phases of 3 break out strategy. If we assume the median line as a broken resistance, then the latest drop cycle of bitcoin might be categorized as the phase 2 of break out strategy which is retesting previous broken resistance as a support.
If we see the 12 hours candle closes like this form, we might see further push toward the upside as the confirmation of the major trend in the near future as the phase 3 of break out strategy. We might see further push toward the $14000 even the liquidation zone up to $14800.
I will make this very quick. To see this in the higher degree of cycle, we can see that the price is still trending right around the median line of the channel. This median line was acting as a resistance before it has broken out after the moves since the price touched the lower line of the channel which acted as a support trend line. I see the package of these movement as a phases of 3 break out strategy. If we assume the median line as a broken resistance, then the latest drop cycle of bitcoin might be categorized as the phase 2 of break out strategy which is retesting previous broken resistance as a support.
If we see the 12 hours candle closes like this form, we might see further push toward the upside as the confirmation of the major trend in the near future as the phase 3 of break out strategy. We might see further push toward the $14000 even the liquidation zone up to $14800.
