We tested the upper levels of the pink channel in March and April. This is also channel 2 of the Fibonacci channel. We tested channel 1.414 of the Fibonacci channel (also the 2017 peak) once again in May 2020, after testing in January 2020.
If BITFINEX:BTCUSD breaks this resistance, we can retrace to the 1.272 channel, which is also the middle line of the ascending pink channel. The middle line of the ascending channel is very strong support, which we did not break in July 2019.
I have indicated a few possible situations with different colored arrows. Which path do you think Bitcoin will follow?
I think the bull run continues in the long term. I have dropped here my long-term Bitcoin analysis.
Yorum
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Great bounce from Fib 1.414 which was a resistance for 2017's ATH