Market Instrument: BTCUSD
Timeframe: Multiple
Analysis: Technical
Structure: Key levels, S&R's, Trend, Moving averages, and Retracements.
Prediction: Educational
When I take a look at the weekly timeframe for Bitcoin against the Dollar I see a nice pattern or trend following the downside. After the rejection on Weekly resistance highlighted we have seen a strong sell-off up to now. The price has breached the first key level to the downside and formed a pullback towards the first level and then followed up a sell-off towards the second level. Also here we can see a clear breakout and the current price action seems to be repeating the previous action like what happened on the first key level, a pullback.
On the Daily timeframe, I have spotted a falling wedge pattern. And here the upper boundary has been revisited as the 4th impulse inside the structure and where it holds below the second key level as I mentioned earlier. If the BTC price is willing to go for the 5th impulse to the downside as expected this will be the pullback formed before the next drop towards the support at 30K. The reason why I am expecting this 30k support one more time is as the current reversal point doesn't seem to be a good demand zone yet. While the fact the 30K support is much promising as it pushed the prices twice from that level and above 60k by growing the price by 100% at the fullest.
Took a close view of my trade plan to make it clear and useful for those who follow up on this analysis on the H4 timeframe. If the price is going for a sell-off to complete the wave 5 and reverse back close to 30K support this will be a great bull run after confirming a breakout on the falling wedge formed.
Nothing is guaranteed in financial markets. Don't predict just react to what it shows. Good Luck!
Timeframe: Multiple
Analysis: Technical
Structure: Key levels, S&R's, Trend, Moving averages, and Retracements.
Prediction: Educational
When I take a look at the weekly timeframe for Bitcoin against the Dollar I see a nice pattern or trend following the downside. After the rejection on Weekly resistance highlighted we have seen a strong sell-off up to now. The price has breached the first key level to the downside and formed a pullback towards the first level and then followed up a sell-off towards the second level. Also here we can see a clear breakout and the current price action seems to be repeating the previous action like what happened on the first key level, a pullback.
On the Daily timeframe, I have spotted a falling wedge pattern. And here the upper boundary has been revisited as the 4th impulse inside the structure and where it holds below the second key level as I mentioned earlier. If the BTC price is willing to go for the 5th impulse to the downside as expected this will be the pullback formed before the next drop towards the support at 30K. The reason why I am expecting this 30k support one more time is as the current reversal point doesn't seem to be a good demand zone yet. While the fact the 30K support is much promising as it pushed the prices twice from that level and above 60k by growing the price by 100% at the fullest.
Took a close view of my trade plan to make it clear and useful for those who follow up on this analysis on the H4 timeframe. If the price is going for a sell-off to complete the wave 5 and reverse back close to 30K support this will be a great bull run after confirming a breakout on the falling wedge formed.
Nothing is guaranteed in financial markets. Don't predict just react to what it shows. Good Luck!
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.