What Everybody Ought to Know About Bitcoin

I'm not a financial advisor. Nothing that I write is financial advise. Trade on your own risk.

This is the moment of truth for bitcoin. Will bitcoin resume it's uptrend or will it continue to go lower?

We are looking at the daily chart and I've drawn a couple of bearish and bullish area's. These area's consist of support and resistance lines and bearish and bullish zones.

The black lines are support trend lines and the purple lines are resistance trend lines. Ideally we want bitcoin to cross over the purples lines and enter into the green zones and avoid crossing the black lines and entering the red zones.

I gave each support and resistance zone it's own shade of red or green to indicate the importance of each area. The darker the zone the more important it is.

What we absolutely don't want to see is bitcoin getting below 10k because that would be a major bearish sign indicating that we will probably test the 8500 support area.

If bitcoin breaks the 12.000 resistance area I believe we will test the top of the bearish channel. That would be a price between the 13500 and 14500 depending on how long it takes for btc to test that area

If bitcoin manages to go even higher and break out of this bearish trading channel the first major resistance area is between the 16k and 17k.

If not, we could see btc drop back to test the 10k level again.

What do you guys think?