Bitcoin is moving in the descending channel. The currency has broken the support and the bottom of the channel and this break out sounds really serious. right now we tried to explain to you about brief technical analysis of bitcoin.
Now it seems, the support level of 36000$ is likely to become a resistance level!
Most traders and analysts believe we are facing the crypto winter the best decision we can make is be patient and see which case scenario is going to happen.
First case scenario
weekly time frame will close above 30,000$ and reject the 27,000$ channel then bitcoin can move in sideway channel in the span of 30,000$ and 37,000$. (we mentioned support and resistance level based on Fibonacci retracement which is approximate, not accurate)
second case scenario
Bitcoin break the 30,000 support with more momentum and gets ready for more decline. nobody knows how much will fall but we can guess it has the chance to fall below the 20,000$ level.
Bottom line
All in one to sum up. we should not rush, we have to wait for stability confirmation, and then we can start going long.
for more content: what affects bitcoin price
