Hi dear traders
I want to check the different scenarios for bitcoin here
1-the first scenario: Wedge scenario
The first scenario is that bitcoin is in a big wedge pattern and has repeatedly responded to the wedge support line. So it is very likely that we will see another reaction to this line of support. If this happens, Bitcoin could rise again to a limited $ 64,000 to $ 80,000.
2- Scenario 2: Double high pattern
https://www.tradingview.com/x/7B4Ensg2/
Bitcoin recently rose to $ 67,000 and made a double high pattern. The double high pattern is almost powerful in price rejection. At the previous ATH, which occurred in April, we did not see a strong rejection in the price range of $ 64,000, and we should have expected the price to try again in this price range. This pattern reduces the chances that Bitcoin will return to this price range, and if the price returns in the near future, the chances of breaking this significant resistance, which failed to break up it two times, is low.
According to this scenario, Bitcoin does not have much chance to break up in the near future, and we should expect a downtrend.
3- Scenario 3: The uptrend channel is still valid
https://www.tradingview.com/x/abO8rRRz/
Bitcoin is still in the uptrend channel it has been in since May 2020. The price reacted to the support line of this channel several times. If this channel is still valid, we should see a continuation of the uptrend in the future. But some reasons increase the likelihood of weakening this channel. One of the reasons is that the price has recently created more value areas in the lower part of the channel.
Scenario 4: Ascending Triangle Scenario
The fourth scenario is similar to the third one. Bitcoin is inside an ascending triangle.
https://www.tradingview.com/x/Hz3nFkhs/
If this scenario is correct, we should see the break up of the resistance line soon.
I want to check the different scenarios for bitcoin here
1-the first scenario: Wedge scenario
The first scenario is that bitcoin is in a big wedge pattern and has repeatedly responded to the wedge support line. So it is very likely that we will see another reaction to this line of support. If this happens, Bitcoin could rise again to a limited $ 64,000 to $ 80,000.
2- Scenario 2: Double high pattern
https://www.tradingview.com/x/7B4Ensg2/
Bitcoin recently rose to $ 67,000 and made a double high pattern. The double high pattern is almost powerful in price rejection. At the previous ATH, which occurred in April, we did not see a strong rejection in the price range of $ 64,000, and we should have expected the price to try again in this price range. This pattern reduces the chances that Bitcoin will return to this price range, and if the price returns in the near future, the chances of breaking this significant resistance, which failed to break up it two times, is low.
According to this scenario, Bitcoin does not have much chance to break up in the near future, and we should expect a downtrend.
3- Scenario 3: The uptrend channel is still valid
https://www.tradingview.com/x/abO8rRRz/
Bitcoin is still in the uptrend channel it has been in since May 2020. The price reacted to the support line of this channel several times. If this channel is still valid, we should see a continuation of the uptrend in the future. But some reasons increase the likelihood of weakening this channel. One of the reasons is that the price has recently created more value areas in the lower part of the channel.
Scenario 4: Ascending Triangle Scenario
The fourth scenario is similar to the third one. Bitcoin is inside an ascending triangle.
https://www.tradingview.com/x/Hz3nFkhs/
If this scenario is correct, we should see the break up of the resistance line soon.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.