LONG BTCUSD Multi Year & Weekly Retest
It has been two months since Bitcoin broke the downtrend going from $ 9000 to $ 12000 in just a couple of weeks. Since then we have consolidated in the range between $ 11,200 and $ 12,100 until the price suddenly plummeted 15% in what many thought could be a trend change to the downside. However, the price held above $ 10,100 in a very resistant that at the same time, was the previous high close on a weekly (SR). 7 1D rejection candles are observed in that area before returning above $ 11,000.
The current setup looks more like a retest than a trend reversal, especially when looking at the confluence of supports found in the area, and the long rejection wicks sticking out of the previous candles.
1. Horizontal weekly SR at $ 10,150
2. Multi-Year downtrend that forms when plotting Dec 2017 and June 2019.
Both forms of support were retested as the price held and closed above them.
We can now very likely expect resistance in $12,000 as that area contains previous Daily high closes and acts as a First Trouble Area, but also support at $10,150 if no daily closes happen significantly below.
Thank you for your time!
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