Don't worry, we're still on an uptrend in the long run!
Updated
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BTC is breaking through the 26700 support and the MA-200, producing a strong bearish momentum, but it is not breaking through the bullish channel. In terms of the global picture, the price remains on the rise.
Take note of the weekly chart to the left. Price is gaining pace and making a strong distributive move into the significant support level of 25000. The level is crucial to us since it includes two confirmations, one from the seller and one from the customer. I believe that another retest, particularly following the distributive movement, will result in a reversal or, at the very least, a significant bullish reaction.
Traders are waiting for fundamental confirmation before taking action on cryptocurrency. At the moment, it is the SEC's approval of BTC-ETF futures applications. This will breathe new life into the market.
Most likely, this movement within the uptrend was initiated in order to purchase the asset at a cheaper price before continuing rapid rise.
Moving averages are functioning as a barrier. The market is in a period of correction.
Levels of support: 25000, 24819
Levels of resistance: 26707, 28474, 30575
The market is in a positive trend, and a correction within the upward channel on the garfish is building, which may conclude near support.
Levels of support: 25000, 24819
Levels of resistance: 26707, 28474, 30575
The market is in a positive trend, and a correction within the upward channel on the garfish is building, which may conclude near support.
This chart is likely to help you make better trade decisions if it does consider upvoting it.
I would also love to know your charts and views in the comment section.
Thank you
Consider following me for the latest updates and Long /Short calls on almost every exchange.
I post short mid and long-term trade setups too.
Let’s get to the chart!
I have tried my best to bring the best possible outcome to this chart, Do not consider financial advice.
BTC is breaking through the 26700 support and the MA-200, producing a strong bearish momentum, but it is not breaking through the bullish channel. In terms of the global picture, the price remains on the rise.
Take note of the weekly chart to the left. Price is gaining pace and making a strong distributive move into the significant support level of 25000. The level is crucial to us since it includes two confirmations, one from the seller and one from the customer. I believe that another retest, particularly following the distributive movement, will result in a reversal or, at the very least, a significant bullish reaction.
Traders are waiting for fundamental confirmation before taking action on cryptocurrency. At the moment, it is the SEC's approval of BTC-ETF futures applications. This will breathe new life into the market.
Most likely, this movement within the uptrend was initiated in order to purchase the asset at a cheaper price before continuing rapid rise.
Moving averages are functioning as a barrier. The market is in a period of correction.
Levels of support: 25000, 24819
Levels of resistance: 26707, 28474, 30575
The market is in a positive trend, and a correction within the upward channel on the garfish is building, which may conclude near support.
Levels of support: 25000, 24819
Levels of resistance: 26707, 28474, 30575
The market is in a positive trend, and a correction within the upward channel on the garfish is building, which may conclude near support.
This chart is likely to help you make better trade decisions if it does consider upvoting it.
I would also love to know your charts and views in the comment section.
Thank you
Note
#BTC
On the hourly period, BTC is currently forming an ascending triangle pattern. It is currently approaching the pattern's support trendline. The RSI is in the neutral zone, indicating that momentum is balanced.
To forecast the market's short-term direction, we must look for a sustained breakout over the top limit of the triangle or a collapse below the support trendline.
Note
BTC holding this important level of support
Note
The cycle's start is determined as the lowest point following the peak of the prior cycle within a multi-year timeframe in this Bitcoin cycle study. Historically, the time elapsed between low troughs in Bitcoin cycles has been approximately four years. This includes a 3-year bullish phase (about 150 weeks) represented by the green chart region, followed by a 1-year bearish phase (about 50 weeks) represented by the red chart area. Bitcoin's cyclical nature is influenced by a variety of factors, including the Bitcoin halving. Every four years, this event cuts the block reward by 50%, hence reducing fresh supply. The next Bitcoin halving is scheduled for April/May 2024.
We are currently at week 40 of the current bull phase of the cycle, which lasted around 150 weeks in the previous two cycles shown on the charts.
Bitcoin's halving is around 35 weeks away. What are your price estimates as we get closer to the event?
Which week of the cycle do you think the current cycle top will occur?
Note
Note
#BTCBTC is trading above the sturdy horizontal support in a constrained range. Low volume is present. The RSI indicator is oversold. The MACD crossover appears to be turning bullish.
The confirmation of a bullish move would come from a breakout of the current consolidation, whereas the confirmation of a bearish move would come from a prolonged breach of the horizontal support.
Note
#BTC Bearish Pennant formation on the 2h timeframe
Is this another Bearish Rally incoming
Note
#BTC Following the SEC news pump, BTC was rejected from the 28,200K level, and we all witnessed a descent towards the 25.8K to 25.5 level.
Once again, BTC began to move sideways, but I believe we will see a collapse before any upward movement begins.
As a support level, we have 25.8k to 25.5k and 24.8k, to 23.7k.
Let's wait and watch how the market reacts!
Note
#BTC Is making this bullish diversion in a 12-hour time frame!
But the volume is extremely low.
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