Hello, Traders!
After BTC dropped below the support level of $44200, the market has been flat for 58 days within the price range of $31,000 - $40,900.
The asset shows weakness being under the three moving averages MA50, MA100, and MA200 on the daily timeframe.
We should also note that volumes are falling along with the volatility.
Buyers are holding sales near the level of $31,000.
In case the pressure of sellers will start, as it was in May, the probability of descending in the range of $24,000 - $31,000, where the price is weakly traded, is increasing.
If that happens, it is worthwhile to place a grid of limit buy orders in equal portions, which will give a good opportunity to buy the asset at interesting prices, as well as to incur fewer risks.
P.S. This is an educational analysis that shall not be considered financial advice
After BTC dropped below the support level of $44200, the market has been flat for 58 days within the price range of $31,000 - $40,900.
The asset shows weakness being under the three moving averages MA50, MA100, and MA200 on the daily timeframe.
We should also note that volumes are falling along with the volatility.
Buyers are holding sales near the level of $31,000.
In case the pressure of sellers will start, as it was in May, the probability of descending in the range of $24,000 - $31,000, where the price is weakly traded, is increasing.
If that happens, it is worthwhile to place a grid of limit buy orders in equal portions, which will give a good opportunity to buy the asset at interesting prices, as well as to incur fewer risks.
P.S. This is an educational analysis that shall not be considered financial advice
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.
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.