The Bitcoin chart, which tries to enter the recovery process after its sharp decline, continues its movement within the Rising Ending Channel formation formation. There is a strong Resistance Zone at the 7700 – 7800 level. In addition to being the upper canal region of the formation, the fact that the Harmonic Butterfly Pattern formation (7706) will complete the formation in that region makes these levels important. In addition, the same region is the Fibonacci 61.8 retracement level of the big bearish move.
With the downward breakdown of the Ending Channel formation, the formation target decreases as much as its height. There is Harmonic Gartlye Pattern (6200) formation in the fall. This level is now an area where AB = CD formation.
Resistance: 7400, 7700 and 7900
Support: 6200, 5700 and 5200
Our graph moving in the rising Takoz formation is very close to the target (193) of the Binary Dip (Double Dip) formation formed after the sharp fall. The region where the binary dip formation is targeted also coincides with the region where there is a Strong Support – Resistance transformation. Our graph will be on an upward trend with the hard break of this region and the candle closing on it. We can see a downward trend with the breaking of our Wedge formation and the candle closure under the Wedge lower channel.
Support: 165, 148, 130 and 120
Resistance: 202, 215 and 230
Harmonic Gartley (Bullish: 0.16550, Bearish: 0.20328) and Butterfly Pattern (0.16777) formations are available on our 4-hour chart. At the same time, there is a triangular formation formation on the hourly chart, along with the breaking direction of the formation, hard movements can be seen.
Support: 0.18000, 0.17625 and 0.17200
Resistance: 0.19000, 0.19600 and 0.20000
It is very close to the target (47.60) of the Binary (Double) Dip formation that it formed after the hard fall movement. In the same region, there is a very important Order Block region that has come from the past to the present. There is Harmonic Gartley Pattern (46.15) formation close to the same level. With the downward breakdown and rising of the Rising Wedge formation formed in the medium term, the declines can accelerate. If a sharp drop occurs, there is Harmonic Bat Pattern (31.40) formation.
Support: 38, 35 and 32
Resistance: 46, 47 and 50