$BTCUSD: Will it go back up? If so, why? After reaching 20k, it has dropped drastically and people are puzzled.
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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