The BTC price movement possible scenarios
Updated
Hello, dear subscribers!
Today we will talk about the possible BTC price movement scenarios.
Now it is the key moment of the future BTC price levels definition. First of all, we can see that the price bounced off the global 2-month trend support line. It is a very strong support and breaking it down will mean that we can see a huge price drop.
Yesterday the price broke down the level 0 pivot of $18700 after the symmetrical triangle was broken. As a result the dead cat bounce pattern was formed. This pattern can lead to price drop below the level 1 pivot and lower to the red line according to the negative scenario. The main evidence of this scenario activation is the breaking down of the $17650 level.
The positive scenario will be activated when the price will grow above the $18700. In this case the dead cat bounce pattern will not be completely formed.
To sum up, the main trend is bullish and we predict the price growth continuation regardless the positive or negative scenario. But, please, be very careful about the negative one.
Today we will talk about the possible BTC price movement scenarios.
Now it is the key moment of the future BTC price levels definition. First of all, we can see that the price bounced off the global 2-month trend support line. It is a very strong support and breaking it down will mean that we can see a huge price drop.
Yesterday the price broke down the level 0 pivot of $18700 after the symmetrical triangle was broken. As a result the dead cat bounce pattern was formed. This pattern can lead to price drop below the level 1 pivot and lower to the red line according to the negative scenario. The main evidence of this scenario activation is the breaking down of the $17650 level.
The positive scenario will be activated when the price will grow above the $18700. In this case the dead cat bounce pattern will not be completely formed.
To sum up, the main trend is bullish and we predict the price growth continuation regardless the positive or negative scenario. But, please, be very careful about the negative one.
Note
The negative scenario is inevitable. The price reached the LEVEL 1 target of $17650 which corresponds to monthly pivot and daily resistance levels. After the small bounce the price continue to decrease.Note
The negative breakdown scenario of BTC price drop to the LEVEL 2 line ($16600) was not confirmed. The price bounced off the Central Mounthly Pivot line ($17650) and continued to grown. The market interpreted this price formation as double bottom bullish pattern in spite of it was not clear. The price formed the ascending trend channel and we assume that the price is going to move to the it's resistance line.
Get access to private PineScript strategies and turn script alerts into orders at your exchange account with easy-to-set up bots
Get free alert bot:
skyrexio.com
Get free alert bot:
skyrexio.com
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.