📈 No! Bitcoin is not bullish.
Updated
Hello, dear TradingView members.
This idea is a Bitcoin analysis.
So many people believe Bitcoin is bullish, and it is about time it goes back to higher levels.
I am unbiased. I tried hard to find a technical way to say that there might be a chance of a bullish market, but I could not find anything accurate.
However, this chart might be clear enough to point out how Bitcoin is still in a downtrend channel and might fall to the next solid support next week.
Please remember that anything is possible in a market like Bitcoin since there are no moderations, and it can be manipulated easily by whales, governments, or companies. The price can pump, so be careful with your positions.
Now let us get to this chart.
There are two resistance levels. One is the dynamic level, the upper band of our channel, and the other is the static local resistance level.
The same strategy with our support levels, one is the dynamic level which is the lower band of our channel, and the other is the static local support level.
The price range highlighted in green on the chart is the zone we have been consolidating for a while, just like last month, which ended in a price crash.
The same scenario can happen again if this price range behaves as another bearish flag.
Our speedometer indicator is hinting at Neutral.
RSI still is not showing oversold signals in the 4H timeframe, so we still have room to go lower.
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.
So many people believe Bitcoin is bullish, and it is about time it goes back to higher levels.
I am unbiased. I tried hard to find a technical way to say that there might be a chance of a bullish market, but I could not find anything accurate.
However, this chart might be clear enough to point out how Bitcoin is still in a downtrend channel and might fall to the next solid support next week.
Please remember that anything is possible in a market like Bitcoin since there are no moderations, and it can be manipulated easily by whales, governments, or companies. The price can pump, so be careful with your positions.
Now let us get to this chart.
There are two resistance levels. One is the dynamic level, the upper band of our channel, and the other is the static local resistance level.
The same strategy with our support levels, one is the dynamic level which is the lower band of our channel, and the other is the static local support level.
The price range highlighted in green on the chart is the zone we have been consolidating for a while, just like last month, which ended in a price crash.
The same scenario can happen again if this price range behaves as another bearish flag.
Our speedometer indicator is hinting at Neutral.
RSI still is not showing oversold signals in the 4H timeframe, so we still have room to go lower.
Let me know if you guys have any questions;
I will be more than happy to help.
Good luck, and thank you.
Trade active
Open this chart, share your insight:
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.