$BTCUSD: Will it go back up? If so, why? After reaching 20k, it has dropped drastically and people are puzzled.
Let’s analyze the charts and see what is going on.
Here is the weekly chart from $coinbase.
The weekly chart shows that we had a major bullish trend and now we are trying to go through a major pull back to the cloud. As long as the resistance at 11445.09 hold, a major pull back can occur. This major pull back is showing a consolidation pattern instead of sharp movements. It seems like it wants to consolidate to the cloud in the range of 7374.69 and 11445.09.
Here is a daily view:
The daily is supporting the weekly time frame. It shows a bearish trend and it bottomed out and now we are going through a major pull back. We are the critical resistance of the major pull back. If a bullish green setup occurs and it breakout, a bullish trend will start to the resistance at 11535.20. If it breaks that then we broke out of the bullish consolidation pattern.
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