Bitcoin - BTCUSD Dead Bounce 📉
Updated
Hi Traders
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year.
We're trading in the midst of a bear market, with most cryptocurrencies behaving bearish.
A quick update on Bitcoin - as expected, we see some buying pressure on our next major support zone of $17700 - 18K. However, this makes 21K - 22K our new resistance zone. If we retest this resistance zone and are unable to close candles ABOVE it, it's likely to return back to the major support zone of 17k range (or possible lower) to find enough buying pressure to stabilize the price.
This supply zone/ resistance of 21K - 22K is an important zone to watch and ideally to start considering a bullish reversal, we would need to get back to closing candles AOVE this range.
Technical indicator Phoenix ascending is showing us that although we see buying pressure reflect in the short term, it might not be enough to get us back above the resistance zone. From a near term perspective 3D and from the weekly timeframe, we can see the indicator is still extremely bearish and it is highly probable that we go lower once again.
What are your thoughts on Bitcoin?
_________________
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We thank you for your support !
CryptoCheck
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year.
We're trading in the midst of a bear market, with most cryptocurrencies behaving bearish.
A quick update on Bitcoin - as expected, we see some buying pressure on our next major support zone of $17700 - 18K. However, this makes 21K - 22K our new resistance zone. If we retest this resistance zone and are unable to close candles ABOVE it, it's likely to return back to the major support zone of 17k range (or possible lower) to find enough buying pressure to stabilize the price.
This supply zone/ resistance of 21K - 22K is an important zone to watch and ideally to start considering a bullish reversal, we would need to get back to closing candles AOVE this range.
Technical indicator Phoenix ascending is showing us that although we see buying pressure reflect in the short term, it might not be enough to get us back above the resistance zone. From a near term perspective 3D and from the weekly timeframe, we can see the indicator is still extremely bearish and it is highly probable that we go lower once again.
What are your thoughts on Bitcoin?
_________________
đź‘€ Follow us here on TradingView for daily updates and trade ideas on cryptocurrency, stocks and commodities đź’Ž
đź‘ŤHit like & Follow đź””
We thank you for your support !
CryptoCheck
Note
From the weekly, the Bollinger Bands are expanding to the downside and the price action is trading on the lower Orange Fibonacci Bollinger Band. This means that there is a possibility for the price to wick towards this level. We can expect volatility when the BBands expand.
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