[Bitcoin] Urgent!! 19K support is important!!

13 Jul 2022

#Crack #Bitcoin #Binance #1D

Since the last briefing, the buying trend has not been continued, and it is showing a trend change by making Doge Candles and then falling.

At this point, the blue medium-term bearish wave does not appear to have broken through the resistance of the 0.5 level Fibonacci trend extension, and it looks like Bitcoin will soon reach a critical support level.

The important support interval appears to be around $19,828-$19,118, and this interval is located at the 0.786 level of the Fibonacci trend extension of the blue long-term bear trend wave, the 0.618 level of the Fibonacci trend extension of the blue medium-term bearish wave, and the bottom of the purple triplet convergence newly extended by the previous resistance. If it fails, once again, you need to prepare for further declines by the bear trend extension pattern.

If the 19K support fails, we can expect support at $15,508-$15,139, where the blue medium term Fibonacci trend extension level of 0.786 and the purple short term Fibonacci trend extension level of 0.5 level overlap.

However, one should keep in mind the turquoise long-term Fibonacci trend extension level 1 and the decline to the $12,107-$10,909 section, where the sub-trend extension levels are located.

Additionally, if overshooting occurs below the $10,909 section, there is a possibility of a decline to $7,750, the 1st level of the purple short-term Fibonacci trend extension.

Conversely, if the 19K support is successful, you can see several cases of successful retest support of yellow short-term convergence, successful bottom support of purple short-term convergence, and successful support of pink parallel channel bottom.

If the 19K support is successful, we can expect a strong rebound in the near term. At this time, the expected resistance section is the section commonly mentioned in the last briefing. There are $24,189, which is an important resistance as long-term trend line resistance, and $25,890, a section that can be resisted when overshooting occurs.



- summary
$19,828-$19,118 support is very important

Support section
$15,508-$15,139 = Short-term support level
$12,107-$10,909 = Critical long-term support level
$7,750 = overshooting level

Resistance section
$24,189 = Critical long-term resistance level
$258,90 = overshooting level