Hello fellas, Happy Saturday and I hope this can be a nice weekend for all of you. Today's update is always about bitcoin and this will always be a significant update as the analysis for the next 7 days ahead. I hope this analysis still can give us a nice horoscope for the next few days, just like what I've always did! So, Enjoy!
Looking at the daily perspective of the bitcoin's price, we can see that the down trend channel that has held the price since June 26th, 2019 as the initial corrective phase of bitcoin is remain valid and still hold true. At November 25th, we can see the price bounced right after it touched the lower line of the channel which act as a strong support so far.
Right now, the price has came close to the median line of the channel which is acting as a strong support too. we might see an action at this region whether it is going to break it out or getting rejected from it. If we see a break out action, we might see the price to reach out $8800 as the shadow support before it pushes further to the upper line of the channel as the next strong resistance ahead. But, if the price get rejected at the yellow zone, we might see the price to push further low to $6600 or even $5500 region.
It's just a matter of time, we might see the price to push further to the lower region of $5500 as it's almost impossible for bitcoin to breaks the upper line of the channel which is huge for now. with current condition, A lot of uncertainty in the market, Huge adoption this year, But low levels of confidence? It is certainly the longer recession is coming.
Looking at the daily perspective of the bitcoin's price, we can see that the down trend channel that has held the price since June 26th, 2019 as the initial corrective phase of bitcoin is remain valid and still hold true. At November 25th, we can see the price bounced right after it touched the lower line of the channel which act as a strong support so far.
Right now, the price has came close to the median line of the channel which is acting as a strong support too. we might see an action at this region whether it is going to break it out or getting rejected from it. If we see a break out action, we might see the price to reach out $8800 as the shadow support before it pushes further to the upper line of the channel as the next strong resistance ahead. But, if the price get rejected at the yellow zone, we might see the price to push further low to $6600 or even $5500 region.
It's just a matter of time, we might see the price to push further to the lower region of $5500 as it's almost impossible for bitcoin to breaks the upper line of the channel which is huge for now. with current condition, A lot of uncertainty in the market, Huge adoption this year, But low levels of confidence? It is certainly the longer recession is coming.
