Hey guys, so here are the two major price areas I believe will prove to be pivotal for Bitcoin's longer-term price movement:
The first area is marked by the green channel and is of course a resistance area because price is currently below it. This area's price range is $12,700 to $13,250. I believe if we break above this strong resistance area then the chance of us going beyond all-time-highs would be very likely.
The second area is marked by the red channel and is a support area because price is above it currently. The price range of this area is $9,250 to $9,600. As you can probably tell, I believe that if we break below this strong support area and close below it strongly, then we could be in for a re-test of that long-term slightly-rising trendline.
The following image shows where I drew this long-term support trendline incase you don't know what I drew it based upon:
So, what do you guys think will happen, will we go up and break the green resistance area or will we fall further and break that red support area? I personally believe we are in fact in the start of an upwards trend and this current pullback in price is just a retracement that will stall at this support area and we will make our way up to the resistance area in no time.
I could of course, however, be completely wrong! My posts are just to try and bring some awareness about certain things I see going on in the markets, and so do not trade on my advice alone (if at all)!
Thanks for reading :)
Legal Disclaimer: This is just my analysis and not to be taken as professional financial advice. Do your own research beyond what you read in my blog posts and make your own decisions based on your beliefs about what to invest your money in.