Bitcoin just checked back to the trend line . The trend line has acted as a support prior three times. Can it do it again? As of now its 50% chance of either.
If you are a bull you would think the bull case projection play out with the target of $51,000. But if you are a bear, you would think it could break down to $35,000 and subsequently towards $30,000 before finding a bottom.
I think if the price breaks above $41,000, the bull case can play out.
I am neutral and going to sit on the side lines until clearer technicals surface.
However, if the price reaches 30,000, I would take a starter position. It would be a high risk position as it is the last support in this downtrend and the next support is between $18,000 and $17,000. So tight stop is absolutely a must.
How would you play it? Are you a bull or a bear?
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How to read my charts?
– Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines .
– The yellow horizontal lines show support and resistance areas.
– Fib lines also show support and resistance areas.
– The dotted white lines show the price projection for breakout or breakdown target.
Disclaimer: Not investment advice.