Hey friends, hope you are well and welcome to a new update on Bitcoin.
Channel is broken down:
On an hourly chart, the price action was moving in an up channel and now finally, it has broken down the support of this channel.
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Head & Shoulder formation:
On a 4hour-chart, the priceline of Bitcoin formed a Head &Shoulder pattern and bounced from the neckline of this H & S pattern. If the neckline would be broken down then the price action of the leading cryptocurrency may reach the $20K level. There are also 50, 100 and 200 simple moving averages supports below the head and shoulder pattern.
An expected re-test of EMAs:
On the long-term weekly chart, the price action of Bitcoin did not re-test the exponential moving averages 10 and 21. If the priceline on the 4-hr chart breaks down the neckline of Head & Shoulder formation then it can move further more down to re-test these exponential moving averages on the weekly chart.
Fractals:
On the daily chart, after breaking out the fractal resistance the priceline is likely to form different bearish reversal and bullish reversal fractals. Once the priceline will break out the resistance then a furthermore rally to the upside is expected otherwise it can move down to re-test $20K
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Big bearish Butterfly:
On the monthly chart, the price action of the king of all cryptocurrencies has already completed the bearish Butterfly move and spiked in a potential reversal zone, therefore a drop from this PRZ level is possible at any time:
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Conclusion:
We need the closing above $24200, that is the resistance of head and shoulder on 4hour chart and the fractal resistance as well, otherwise, a rally to the downside can be expected
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