BTC-USDT important support
In my opinion,it is better to consider several factors for long-term analysis.
I tried to include the psychology of the market cycle and the Wyckoff cycle as well as technical analysis in this opinion.
In my opinion,we are in the cycle of Wyckoff accumulation and we need a shock or a significant volume to use it to pass the accumulation phase and also the psychological depression phase of the market.
On the other hand, we are in a Long-term monthly bullish channel and within it a medium-term bearish channel,and we are at the bottom of these two channels.The meeting point of these two channels overlaps with the support of 19k in 2017.
And im waiting for news to move in the price direction because i believe the news is in the chart.And if this support is broken, we will reach the next lower support.
The important thing is that the technology(btc or cryptocurrency market) is exponential, so if in the past it look several years to recover Bitcoin, this recovery may take a few months or few days.Because technology has improved itself and come back with more power and more fans.
Thank you.
I tried to include the psychology of the market cycle and the Wyckoff cycle as well as technical analysis in this opinion.
In my opinion,we are in the cycle of Wyckoff accumulation and we need a shock or a significant volume to use it to pass the accumulation phase and also the psychological depression phase of the market.
On the other hand, we are in a Long-term monthly bullish channel and within it a medium-term bearish channel,and we are at the bottom of these two channels.The meeting point of these two channels overlaps with the support of 19k in 2017.
And im waiting for news to move in the price direction because i believe the news is in the chart.And if this support is broken, we will reach the next lower support.
The important thing is that the technology(btc or cryptocurrency market) is exponential, so if in the past it look several years to recover Bitcoin, this recovery may take a few months or few days.Because technology has improved itself and come back with more power and more fans.
Thank you.
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