Bitcoin traders have been wondering about the direction of this golden crypto.
Speculations from fundamental traders due to news and world events is that the coin is going to drop to all time low.
Here is a professional and simple technical analysis on BTCUSD starting from Weekly - 4hr timeframe.
Bitcoin has been in an Ascending Channel since last year, constantly testing support and resistance as clearly seen on the chart below.
You maybe wondering, what if price starts falling from the current position all the way down?

Well that is possible but looking at the 4hr chart below, there is a trend reversal confirmation which is an Inverted Head and Shoulder Pattern. Whenever a Head and Shoulder Pattern is formed after a long move, take note that the trend is about to change.
Also, there is a test and retest of the Support level which price was unable to break to the downside.

Conclusively, there is a Bullish confirmation for bitcoin to continue going LONG/BUY towards the resistance at around $72,000.
Price actions and events may cause a drop but the overall target is the resistance as shown below.

**Please note that bluebellfx is not an investment platform and we will never ask you for money or account management... Bluebellfx is educational platform for those interested in learning and understanding the foreign exchange market.**

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