BTC Price Action and Behaviour Analysis (Multi timeframes)
First of all, let's discuss the 1D time frame. The primary thing to notice here is the bull rally of the BTC. Price is moving upward by making HH and HL as per DOW theory. Price is moving in a parallel ascending channel and respects the lower trend line of the channel.
One thing to notice here is that Price did a fake-out on 10 March by making a LL and then continuing in the previous direction. It was to liquidate the retailers.
Now let's talk about the retracement levels of the BTC. The first bull rally was till 24k and then we saw a retracement to 0.68 fib level. Then we observed the second bull rally up to 25. The time period from one HH to the next HH was 22 days.
After that, we saw the LH which goes to 1.41 fib level. Then the next HH took 32 days to reach the 32k level.
Now the BTC is in a small distribution phase before jumping into the next HH.
1H Analysis and Bisa
Price is testing the parallel ascending channel's support and RSI is around 38. Now the most likely scenario is that it will test 28665 in a day or two. So one can go long from here.
One the bigger picture, the price can go up to 30k than 31k and 32k respectively.
One thing to notice here is that Price did a fake-out on 10 March by making a LL and then continuing in the previous direction. It was to liquidate the retailers.
Now let's talk about the retracement levels of the BTC. The first bull rally was till 24k and then we saw a retracement to 0.68 fib level. Then we observed the second bull rally up to 25. The time period from one HH to the next HH was 22 days.
After that, we saw the LH which goes to 1.41 fib level. Then the next HH took 32 days to reach the 32k level.
Now the BTC is in a small distribution phase before jumping into the next HH.
1H Analysis and Bisa
Price is testing the parallel ascending channel's support and RSI is around 38. Now the most likely scenario is that it will test 28665 in a day or two. So one can go long from here.
One the bigger picture, the price can go up to 30k than 31k and 32k respectively.
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