There are several choices of BTCUSD to choose from, i will just post the one in Bitstamp as a representative
Since 2012, there has been a crazy chase of Bitcoin until the "dump money" get burned at the top of 1100, that was when price get into an accelerated channel into the euphoria state.
Once the accelerated channel cools off, price attempted to break out of that normal channel top but failed, that mini retracement was mistaken again at around 700 as more "dump money" get burned.
As a result, price is engaged in a red channel downtrend and is about to get to the important 1st support area which consist of channel support (purple) + horizontal support
If price manage to break this important support, there is another zone (165-256) where potential support could come it.
Otherwise we will see price reach the bottom of the red channel and a potential of bull flag materialize
that is how i analyze it,
thanks for looking
Since 2012, there has been a crazy chase of Bitcoin until the "dump money" get burned at the top of 1100, that was when price get into an accelerated channel into the euphoria state.
Once the accelerated channel cools off, price attempted to break out of that normal channel top but failed, that mini retracement was mistaken again at around 700 as more "dump money" get burned.
As a result, price is engaged in a red channel downtrend and is about to get to the important 1st support area which consist of channel support (purple) + horizontal support
If price manage to break this important support, there is another zone (165-256) where potential support could come it.
Otherwise we will see price reach the bottom of the red channel and a potential of bull flag materialize
that is how i analyze it,
thanks for looking
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