As our chart is based on Line and price close, support was nicely held last time.
I observe 2 things :
1) Price is testing the support again and again to check the strength. 2) As the fall was very steep, it will breakout soon. A breakout will change the sentiment towards positive.
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As our chart is based on Line and price close, we dnot consider the price extension in that particular timeframe.
Price closed well above the support and bounced back.
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Well, I dnot know how to change the heading.
BTC heading to 20000? should be the title.
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My view on the BTC/USD
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Look at the RSI, it is at the Oversold condition which can take the price to the upside.
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Update :
A decent bounce from the demand zone
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We broke the roof top pattern and formed a downtrend channel. Price is following into the channel. But there is a strong support at the demand zone. As long as support holds the demand zone, we can buy there and sell on top.
1) Price on trendline 2) Forming a symmetric triangle pattern which can breakout soon. 3) Price is above the support.