-We have a weekly bitcoin chart, (blue line)
The red lines indicate the range of hanging highs and hanging lows (which is now broken down).
-Long historical support line tested and rebounded in March 2020.
Average price for 30 weeks (yellow line),
(note that the average price for bitcoin has hung around 45,000 yew for almost a year)
Now we can draw the next possible support line.
It will not be so easy to break it the first time, simply because
that besides it there is also a long historical support line, which was tested and rebounded in March 2020.
If we now break the red line (around 28,000) down, bitcoin is in serious trouble, but at the same time it is quite difficult to break it without bounces.
This white line will pull the price like a magnet, and it moves up to the average price of 45,000.
So for the most part we are waiting for another, at least a small bounce up.
We do not forget that we have hanging highs, so most likely we have a medium-term flat here.
The next possible rebound could potentially draw another "head and shoulders" (price growth from the current about 75%).
One way or another, it is highly likely to hold out above the red and white support for a few more months.
When we again drop below 28,000 from the third peak (this will not be earlier than August), a regular
working out the "head and shoulders" down to 12,000 on the weekly chart (that is, on the hourly we can go even lower).
In fact, while a rise to 55,000 is still possible, bitcoin may test the previous accumulation zone (8,000-10,000).
-Long historical support line tested and rebounded in March 2020.
(note that the average price for bitcoin has hung around 45,000 yew for almost a year)
Now we can draw the next possible support line.
that besides it there is also a long historical support line, which was tested and rebounded in March 2020.
If we now break the red line (around 28,000) down, bitcoin is in serious trouble, but at the same time it is quite difficult to break it without bounces.
This white line will pull the price like a magnet, and it moves up to the average price of 45,000.
So for the most part we are waiting for another, at least a small bounce up.
We do not forget that we have hanging highs, so most likely we have a medium-term flat here.
The next possible rebound could potentially draw another "head and shoulders" (price growth from the current about 75%).
When we again drop below 28,000 from the third peak (this will not be earlier than August), a regular
working out the "head and shoulders" down to 12,000 on the weekly chart (that is, on the hourly we can go even lower).
