πŸ” Bitcoin and the downtrend channel ! What's next?

BITCOIN

6/20/2022

Bitcoin is moving in the range of a downtrend channel.

Our support was the 20K and the 17K area. This support zone is still holding the price up but lets us see what can happen in case of more pumps or dumps.

As you can see on the chart, there are a few support and resistance levels, both dynamic and static, which will tell us where the next stops are.

RSI is moving above 25, which is Neutral and not oversold. Meaning there is room for going down or up based on the market volumes.

Ichimoku Clouds are red and vast, hinting at a bearish trend.

The Bollinger Bands are also vast, and the price is pushing down on the Lower Band without turning the market into an oversold situation.

The support levels:

Local Support

This level was considered

as the required level we had to reach for

the correction and filling the gap.

The market volumes now show that it might not hold!

The next level of support

It can be considered our solid resistance for now.

Many indicators point to that direction for our next support in case more market falls.

Lower Band

This dynamic level is holding

a potent source of support.

The resistance levels:

Local Resistance

Getting rejected by

this level can cause a massive fall

Solid Resistance

Long shot! It might take months until we can go back to retest that area once again.

Middle Band

Consider this level as resistance now that the price is moving below it.

Upper Band

Dynamic resistance level, which is very strong

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