⚡️ Bitcoin is still in range and still needs to fill the gap.
Updated
Hello, dear TradingView members.
This idea is a Bitcoin analysis.
The green circle is a failed attempt to breakout,
It did not make it due to a lack of buy volume.
The yellow parallel lines are price actions in range.
If the market continues with sell volume,
We will experience more dumps.
This is the scenario I hope happens:
The sooner the price corrects itself to the $18000 area,
and fills the gap in this area, the faster
we can go back to a healthy market.
There are two support levels on the chart holding the price up.
The Bollinger Bands are about to, and whenever this happens, the price usually pumps or dumps with sudden moves.
The Speedometer indicator shows Sell volumes on the market for Bitcoin on a 1D interval.
Now that the price has broken the downtrend channel on the chart, the upper band works as support.
If we look for static support and resistance levels with a fixed price, then the solid fixed support is $17,200 and $28,500, and the solid static resistance is $32400.
Let me know if you guys have any questions;
I will be more than happy to help.
Good luck, and thank you.
This idea is a Bitcoin analysis.
The green circle is a failed attempt to breakout,
It did not make it due to a lack of buy volume.
The yellow parallel lines are price actions in range.
If the market continues with sell volume,
We will experience more dumps.
This is the scenario I hope happens:
The sooner the price corrects itself to the $18000 area,
and fills the gap in this area, the faster
we can go back to a healthy market.
There are two support levels on the chart holding the price up.
The Bollinger Bands are about to, and whenever this happens, the price usually pumps or dumps with sudden moves.
The Speedometer indicator shows Sell volumes on the market for Bitcoin on a 1D interval.
Now that the price has broken the downtrend channel on the chart, the upper band works as support.
If we look for static support and resistance levels with a fixed price, then the solid fixed support is $17,200 and $28,500, and the solid static resistance is $32400.
Let me know if you guys have any questions;
I will be more than happy to help.
Good luck, and thank you.
Note
For a better understanding of gaps, check this idea:
Note
Here is a short-term update:
Note
Here is a quick fresh update:
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