Bitcoin is likely to breakdown the $ 30,000 support level
The downtrend began in October and has continued to this day. At that time and after that we predicted the beginning of the downtrend and its continuation (see the "links to Related idea" at the bottom of the page)
After creating double top and head and shoulders Patterns, Bitcoin is now approaching the neckline. If the neckline support is broken down, these patterns will be completed and confirmed, And we should expect a new fall in the price of bitcoin
But this is an important question. Will this level of vital support, which is around $ 29,000 to $ 33,000, be lost?
I think it probably will.
Take a look at the TSI indicator in the weekly time frame. TSI broke down the zero line. Historically, every time this has happened, Bitcoin has broken the level of support. Accordingly, I consider the possibility of losing this level of support high.
But if the support level is lost, where will the next target be? To answer this question, you can consider the following idea:
After creating double top and head and shoulders Patterns, Bitcoin is now approaching the neckline. If the neckline support is broken down, these patterns will be completed and confirmed, And we should expect a new fall in the price of bitcoin
I think it probably will.
Take a look at the TSI indicator in the weekly time frame. TSI broke down the zero line. Historically, every time this has happened, Bitcoin has broken the level of support. Accordingly, I consider the possibility of losing this level of support high.
But if the support level is lost, where will the next target be? To answer this question, you can consider the following idea:
