Finally, the bottom of the ascending channel was broken!



11/9/20221 min read

According to the previous analysis, we expected further price declines and extreme volatility in the market. The price of Bitcoin fell further with a pullback to the $20,600 range, and finally, the bottom of the short-term ascending channel was broken. This time, due to strong selling pressure, Bitcoin's 5-month support range at $18,530-$18,390 was broken, and the decline continued to the $17,200 level. Bitcoin is still not in a stable and reliable state, $16,600 price was considered for Bitcoin, which is still not far off.

Another thing to note is that the daily candlestick has not yet broken the valid 5-month support. But in the 4-hour and 1-hour time frames, close candles are placed below this area. So until the daily candle closes below the main support area, any break can be considered a fake break.

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