Bitcoin: after the ball…

In a previous publication dated October 16, we wrote that the growth holiday for Bitcoin was over. And not becausethat bitcoin is something bad. It just appeared a lot of competing offers with great growth potential. There are too many cryptocurrencies, and there will be even more. And fiat money is eroded between alternative offers, lowering the capitalization of growth champions.
It was noted that the growth of the exchange rate by thousandsWe are unlikely to see interest for Bitcoin due to the loss of its exclusive position in the market, and the “old guys” among cryptocurrencies, at best, will maintain their achieved levels. And that for Bitcoin, a breakthrough of medium-term support at the level of 8723.17 opens up the long-term level of 6841.06 for testing.
And now it has happened, the level 6841.06 is being tested.

Technical analysis of trends.

The main and long-term trends are in a downward correction.
Medium-term, short-term and local - descending.
The market tested and indicated a breakthrough of long-term support at the level of 6841.06, which, within the framework of the pessimistic forecast, opens up support for the main trend at the level of 3121.90 for testing.
There are no grounds for optimism yet (at least within the framework of the SWT method).

Resistance levels:7073.49, 7989.47,8583.82, 10747.45, 12829.87, 13857.20, 17105, 17772, 19474.00.
Support Levels: 6841.06, 3121.90.

The analysis is based on indicators of the SWT method