In the previous article [BTC may slightly decrease before the next move] we pointed out the risk volatility of BTC in the ~96k range. So far, the BTC price analysis is going quite well as expected (not 100% accurate):
- The price increased to touch 109k5 and formed a resistance zone.
- Then the price dropped sharply and locked the 96k zone and headed to key level the 70k zone but stop at 74k7.
- Next, price is recovering very well to the 97k zone
- Please note that the analysis is for reference only, the BTC price movement is similar to the image, but not 100% correct, the price move up and down through the zone while moving. This analysis is based on personal technical analysis, not investment advice! => please consider your skills before making a decision!
https://www.tradingview.com/chart/BTCUSDT/ztVJxIfi-BTC-may-has-slight-recession-before-next-move/
The main content of this article will be the current price movement after recovering to the 97k area. The price tends to increase, but the upward force is much weaker, currently the price has created a form of resistance at the 97k area. In my personal opinion, this weakness can reverse at any time => ending the recovery phase into a downtrend phase. If this analysis is correct, we will look at the price of the nearest important support zone at 83k (move 1), if this price cannot be maintained, the price may continue to decrease further to the 70k area (move 2).
Everyone wants the price to rise and make good profits, but from a technical analysis perspective, we need to be objective to avoid buying or increasing positions in risky areas or maybe buying more in cheaper areas. I am not a fortune teller, this analysis will be wrong when the price breaks the 97k resistance and increases further. Trade safe!
The key support and resistance levels in this article are used from the BBND script.
- The price increased to touch 109k5 and formed a resistance zone.
- Then the price dropped sharply and locked the 96k zone and headed to key level the 70k zone but stop at 74k7.
- Next, price is recovering very well to the 97k zone
- Please note that the analysis is for reference only, the BTC price movement is similar to the image, but not 100% correct, the price move up and down through the zone while moving. This analysis is based on personal technical analysis, not investment advice! => please consider your skills before making a decision!
https://www.tradingview.com/chart/BTCUSDT/ztVJxIfi-BTC-may-has-slight-recession-before-next-move/
The main content of this article will be the current price movement after recovering to the 97k area. The price tends to increase, but the upward force is much weaker, currently the price has created a form of resistance at the 97k area. In my personal opinion, this weakness can reverse at any time => ending the recovery phase into a downtrend phase. If this analysis is correct, we will look at the price of the nearest important support zone at 83k (move 1), if this price cannot be maintained, the price may continue to decrease further to the 70k area (move 2).
Everyone wants the price to rise and make good profits, but from a technical analysis perspective, we need to be objective to avoid buying or increasing positions in risky areas or maybe buying more in cheaper areas. I am not a fortune teller, this analysis will be wrong when the price breaks the 97k resistance and increases further. Trade safe!
The key support and resistance levels in this article are used from the BBND script.
Order cancelled
Resistance break, price is still bullish. This analysis article is wrong!
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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.
Related publications
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.