There are 3 scenarios in my mind:
S1(Yellow Arrows): Bitcoin drops down to 50k-52k and can be supported on the blue trend line.
S2(Red Arrows): Obviously there's a RD- (regular divergence) in the btcusd weekly chart means an uptrend is over. On the other hand if current candle stays below the light yellow area, the red arrows scenario is possible.(btc price range 29k-32k)
S3(Purple Arrows): The most uncomfortable scenario is when the scenario 2 happens and a double top pattern can be formed which cause a down trend.(btc price range 10k-12k)
S1(Yellow Arrows): Bitcoin drops down to 50k-52k and can be supported on the blue trend line.
S2(Red Arrows): Obviously there's a RD- (regular divergence) in the btcusd weekly chart means an uptrend is over. On the other hand if current candle stays below the light yellow area, the red arrows scenario is possible.(btc price range 29k-32k)
S3(Purple Arrows): The most uncomfortable scenario is when the scenario 2 happens and a double top pattern can be formed which cause a down trend.(btc price range 10k-12k)
Note
It seems that the yellow scenario failed... also there's a low point of hope in the red scenario, so be cautious about long positions! The 29-30k support range can keep the price in a slow and grinding state for a while, at that time the rsi should be Reanalyzed.If the price drops below the 29-30k support range, the uncomfortable scenario is certain.
Trade closed: target reached
12k is the next target
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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.