BTC/USD CHART ANALYSIS
Updated
Hey There! This is my analysis for BTC/USD. As everyone knows we are in bearish scenario and many of us don't know where the next support would be.
BTC/USD (BITFINEX)
BTC/USD is forming a Falling Wedge pattern as shown in charts and
According to me there are various confluence as shown in chart. After bitcoin broke 0.618 weekly support is now marching towards 0.786 weekly support. That's where I found confluence, 0.786 Fib support was previous ATH back in DEC 2017 and i used Fib Extension in which 1.282 formed fib cluster with 0.786 fib retracement, for those who don't know what Fib cluster is, It is confluence of two or more fib tools.
After the confluence I found support between 19400 to 17600 from fib tools.
The buying zones would be 1.20000-21000✔
2.19000-17500
3. 15500-13500 WORST CASE SCENARIO
NEXT I saw 200MA weekly, Going Backwards During March 2020 Corona period we were almost 30% down from weekly 200MA and now expecting the same as we are 10% down already from weekly 200MA, If price action goes as planned it may kiss the 15500 line as marked in the chart.
The area between 15600-13500 can be a wick area where possibly wicks could be formed in weekly in the worst case scenario. Nobody wants bitcoin to go to that price range. As the cost of mining a bitcoin is $20000,BTC wouldn't be in that area for long time it will rebounce from the above mentioned chart.
If global market become stable we would reverse from
17500-17600
If market is inflated with US intrest rates then 15300 possibly
Any other bad fundamentals of big hedge funds worst case scenario would be 13500 last support according to me, If goes down further i'll have to find another job🤣 till market become stable.
Hit Like and follow button if you like my analysis
BTC/USD (BITFINEX)
BTC/USD is forming a Falling Wedge pattern as shown in charts and
According to me there are various confluence as shown in chart. After bitcoin broke 0.618 weekly support is now marching towards 0.786 weekly support. That's where I found confluence, 0.786 Fib support was previous ATH back in DEC 2017 and i used Fib Extension in which 1.282 formed fib cluster with 0.786 fib retracement, for those who don't know what Fib cluster is, It is confluence of two or more fib tools.
After the confluence I found support between 19400 to 17600 from fib tools.
The buying zones would be 1.20000-21000✔
2.19000-17500
3. 15500-13500 WORST CASE SCENARIO
NEXT I saw 200MA weekly, Going Backwards During March 2020 Corona period we were almost 30% down from weekly 200MA and now expecting the same as we are 10% down already from weekly 200MA, If price action goes as planned it may kiss the 15500 line as marked in the chart.
The area between 15600-13500 can be a wick area where possibly wicks could be formed in weekly in the worst case scenario. Nobody wants bitcoin to go to that price range. As the cost of mining a bitcoin is $20000,BTC wouldn't be in that area for long time it will rebounce from the above mentioned chart.
If global market become stable we would reverse from
17500-17600
If market is inflated with US intrest rates then 15300 possibly
Any other bad fundamentals of big hedge funds worst case scenario would be 13500 last support according to me, If goes down further i'll have to find another job🤣 till market become stable.
Hit Like and follow button if you like my analysis
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Hello! Folks Totally forgot this post on analysis in BTC. We have done a God like analysis and got the exact bottom with our technicals and now we are almost 350% up from our Bottom in 2022. Always believe in BTC its future and yeah it didn't let me find another job.
The analysis done here is for education purpose only and not an investment advise. Please DYOR before any of your valuable investments. Please take this as learning than stock pick or advice.
If you like my analysis just give a boost and help me out to reach more people.
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