Hi, friends hope you are well, and welcome to the new update on Bitcoin ( BTC ).

A long-term down channel:

On the weekly time, the priceline of bitcoin is moving in a very long-term down the channel, and right now Bitcoin has found quite firm support at $18500.

You can also watch the video for a more detailed analysis:

A descending triangle:

The movement of BTC is now getting squeezed between the support and the down trendline resistance of the same channel and now there is also a formation of a descending triangle can be seen, which is more visible on the daily time frame chart.

Broke out a falling wedge:

A few days back Bitcoin was also moving inside a falling wedge pattern, and on 9th of September 2022, finally, BTC broke out the resistance of this wedge and rallied from $18540 $22781. By the way, the target for this break out from the falling wedge pattern is $25000, and this move is still due, however, the priceline is dropped down and now it is testing very strong support of $18500, which is also is a swing low before breaking out the falling wedge pattern, and this is another reason that $18500 is still working as very strong support.

EMA 21 resistance:
At the same time Bitcoin is also struggling to break out the exponential moving average 21 and once this moving every will be broken out then it will be turned into a strong support for the priceline.

Giant Double bottom formation:

After a big drop from Nov 2022 up to June 2022, Bitcoin is forming a huge double bottom formation on a weekly time frame. At the moment after forming the 1st bottom the priceline is forming the second bottom and likely to gear up. After this double bottom formation, there is a very high probability that soon Bitcoin may break out the resistance of a down channel that has been formed on the weekly time frame chart, however, even after breaking out the resistance of the down channel, there will be still a strong key resistance at $28600, which has been previously working as very strong support after January 2021. By the way, the target after breaking out the down channel will be approximately $65,000.

Hidden bullish divergence:
ON a 4-hour time frame, there is bullish divergence flashed, as the price line is forming a higher low than the previous low, and on the other hand stochastic oscillator is setting a lower than previous low that can be another signal for the price reversal from here.


Conclusion:
Even though BTC had a big drop from November 2021 up till June 2022, since Jun 2022, for more than 100 days $18500 is working as very firm support, and after the formation of a down channel and a double bottom there is a very high probability that soon we may see a big price reversal from this bottom.

Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade