Bitcoin can make corrections and then bounce up!
Updated
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I have tried my best to bring the best possible outcome to this chart, Do not consider financial advice.
#BTC UPDATED
As we can see on this chart In the long term BTC is forming these two patterns head and shoulder pattern and ascending triangle pattern, both important support is around 26500 which is also the neckline of an inverse head and shoulder pattern.
According to both patterns, there is a chance that BTC may retest the 25,500K level if it’s able to hold this 100ma support.
Currently its holding above 100ma at the moment.
Stay tuned I will keep updating
This chart is likely to help you make better trade decisions if it does consider upvoting it.
I would also love to know your charts and views in the comment section.
Thank you
Consider following me for the latest updates and Long /Short calls on almost every exchange.
I post short mid and long-term trade setups too.
Let’s get to the chart!
I have tried my best to bring the best possible outcome to this chart, Do not consider financial advice.
#BTC UPDATED
As we can see on this chart In the long term BTC is forming these two patterns head and shoulder pattern and ascending triangle pattern, both important support is around 26500 which is also the neckline of an inverse head and shoulder pattern.
According to both patterns, there is a chance that BTC may retest the 25,500K level if it’s able to hold this 100ma support.
Currently its holding above 100ma at the moment.
Stay tuned I will keep updating
This chart is likely to help you make better trade decisions if it does consider upvoting it.
I would also love to know your charts and views in the comment section.
Thank you
Note
BTC successfully retested below the head and shoulders pattern after breaking it. It is still holding above MA 100 at the moment.
A sustained collapse of MA 100 would signal a move towards the horizontal support and defined trendline, from which a strong volume bounce is anticipated.
If prices rise from here and bulls retake the head and shoulder's neckline, it would be a bullish indication.
Note
#BTC UPDATE
An another effort to overcome the 27.3k obstacle,since the last 13 Daily candles, the MA has been serving as strong support.
Bearish unless gets back inside the pattern.
Daily candle close is very important
Be patient and observe.
Note
In 4 hours timeframe, BTC successfully broke out of the symmetrical triangle. The Ichimoku cloud was also broken after a good consolidation. The MACD crossover is indicating a bullish trend.
A successful retest above the symmetrical triangle would indicate that the bullish trend is still going strong. Only if the price breaks through the symmetrical triangle's support trendline will the bullish scenario be rendered worthless.
Note
BTC's primary level of $26750 and MA100 was breached by a candle close below it. RSI is oversold at this time. A minor bearish momentum is evident in the MACD crossover. The horizontal support is anticipated to be tested on the way down, and the market would affirm that bullish momentum has returned if $26750 were to be recovered.
Note
After the bear market in Bitcoin ended in 2018, BTC rose from $4 to $14 (a gain of 250%); nevertheless, individuals who bought at that price later suffered an unrealized loss of up to -61% in March 2020.But surprise, surprise—that was still the second-to-last opportunity for anyone to purchase Bitcoin for $14,000.
Never wait too long to purchase Bitcoin if you don't already have enough of it.
Any price below
31K BTC will continue to be extremely affordable over time.#Bitcoin
Note
#Bitcoin Falling Wedge!Note
On the 12H, BTC is moving in a falling wedge. It has recaptured MA 200 and is about to break out into a falling wedge. MACD crossing is generating bullish vigour. A strong falling wedge breakout would signal the start of a bullish rally; in the event of rejection, further falling wedge movement is anticipated.
Note
Inside the Falling Wedge, #BTC is Still Moving!
The major trendline is still being breached by the daily RSI.
Bollinger Bands are becoming more narrow, indicating an impending large move.
Since mid-January, the daily SMA128 (25.9k) has been a key support.
Bulls must overcome the 27.9-28k Resistance in order to confirm the Wedge Breakout.
Note
Bitcoin Mining Profitability Analysis: Trends and Forecasts for 2023Bitcoin miners' revenues have shown steady growth since the year's start, peaking on May 8 at $41.7 million. This growth aligns with an uptrend in key Bitcoin network metrics. The BTC Miner Sentiment metric, considering the network's average hash rate, difficulty, mined blocks, and block rewards, also displays a consistent rise. This growth indicates a strengthening and stabilizing Bitcoin network.
The hash rate and network difficulty directly relate to Bitcoin's security and mining challenge, respectively. The number of mined blocks and block rewards influence miners' earnings. However, the expected halving of Bitcoin block reward in 2024 could impact these earnings.
Forecasts suggest continued growth in miners' revenues and network resilience in the short term, though the upcoming halving could shift this trend. Regardless, Bitcoin's core network metrics reaffirm its strength and resilience, highlighting Bitcoin's role as a leading cryptocurrency and its long-term viability.
In conclusion, the analysis of Bitcoin network metrics reaffirms Bitcoin's leadership and resilience in the cryptocurrency market. With sound risk management, miners can continue to secure earnings, providing investors confidence in Bitcoin's enduring stability.
Note
#Bitcoin Nothing changed much; it remained at the same level.
The bulls need to overcome the $28400+ resistance.
Note
#BTC What do you think is ready to go long,
guys?
Note
On the daily period chart, #BTC is currently consolidating in a falling wedge.A potential big move is coming, according to the contracting Bollinger Bands.
Since the middle of January 2023, the daily RSI has been moving below the Trendline Resistance.
To confirm a Wedae Breakout, Bitcoin Bulls Need to Hold the Critical Support at 26k and Break Through the Resistance at 28k.
Note
#BTC MACD CROSSOVER IN WEEKLY TIME FRAME!
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