Approaching support

Since bitcoin price has fallen down through the middle of the channel, thought I’d show a view of where I think we can look for support if the price continues dropping, have marked the area with a red dotted line. I think we could expect support around about $130 region based on that trendline.

If that line doesn’t hold then I’d hope to see support at the lowest line on my chart which if you trace it back, corresponds to the low at the beginning of July when this rally first began, (easier to see on the chart I posted yesterday), that would be in the region of $120.

 

 

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