#BITCOIN / WHAT’S THE NEXT MOVE?!
Updated
🔄#BITCOIN analysis- August 5
⏳Based on the DAILY time-frame:The right-hand image
🔰"In the daily timeframe, recent fluctuations have formed a breash channel.
I've designed four price movement ranges for #BITCOIN using two channels.
🔰Based on this analysis, #BIT is currently right in the middle of these channels and at a decision point.
🔰The first scenario is that it can grow from here to the upper channel, equivalent to reaching the price range of 61787.92-62731.31, with a second and longer-term target being the upper high of the channel.
🔰The second scenario is that it can fall from this area towards the lower channel low, equivalent to a price of 48830.70, and then continue to the bottom of the lowest channel, equivalent to a price of 43381.85.
🔰To determine which of these events will occur (growth or decline), we need to design growth and decline conditions for BITCOIN in a lower timeframe."
..............................
⏳Based on the 15m time-frame:The left-hand image
🔰"Let's move on to the 15-minute timeframe.
Here, I've identified the specific details of the subsequent growth and decline based on the daily timeframe view.
🔰A breakdown of the 15-minute timeframe's bear trend line, which the price is approaching, could lead to continued growth towards the following targets:
We'll need to treat some targets dynamically.
Target 1: The 1-hour timeframe's downtrend line
Target 2: The 4-hour timeframe's downtrend line
Target 3: The price range of 61787.92-62731.31
Target 4: The highest ceiling of the daily timeframe analysis channel
🔰If this doesn't happen and we see weakness from here, a breakdown of the 15-minute timeframe's bull channel could initiate a decline towards the targets of 46137.25 and 43381.85.
🔰With a slightly higher risk, instead of waiting for the channel to break downwards, we can consider the market to be heading towards the channel's low and then the mentioned bearish targets if the price re-enters the channel from above."
⏳Based on the DAILY time-frame:The right-hand image
🔰"In the daily timeframe, recent fluctuations have formed a breash channel.
I've designed four price movement ranges for #BITCOIN using two channels.
🔰Based on this analysis, #BIT is currently right in the middle of these channels and at a decision point.
🔰The first scenario is that it can grow from here to the upper channel, equivalent to reaching the price range of 61787.92-62731.31, with a second and longer-term target being the upper high of the channel.
🔰The second scenario is that it can fall from this area towards the lower channel low, equivalent to a price of 48830.70, and then continue to the bottom of the lowest channel, equivalent to a price of 43381.85.
🔰To determine which of these events will occur (growth or decline), we need to design growth and decline conditions for BITCOIN in a lower timeframe."
..............................
⏳Based on the 15m time-frame:The left-hand image
🔰"Let's move on to the 15-minute timeframe.
Here, I've identified the specific details of the subsequent growth and decline based on the daily timeframe view.
🔰A breakdown of the 15-minute timeframe's bear trend line, which the price is approaching, could lead to continued growth towards the following targets:
We'll need to treat some targets dynamically.
Target 1: The 1-hour timeframe's downtrend line
Target 2: The 4-hour timeframe's downtrend line
Target 3: The price range of 61787.92-62731.31
Target 4: The highest ceiling of the daily timeframe analysis channel
🔰If this doesn't happen and we see weakness from here, a breakdown of the 15-minute timeframe's bull channel could initiate a decline towards the targets of 46137.25 and 43381.85.
🔰With a slightly higher risk, instead of waiting for the channel to break downwards, we can consider the market to be heading towards the channel's low and then the mentioned bearish targets if the price re-enters the channel from above."
Note
🔄#BITCOIN analysis update - August 6
⏳Based on the 5m time-frame:
🔰"Based on yesterday's analysis, Bitcoin managed to break above the 15-minute bearish trendline, which is an initial sign of continued growth.
🔰Additionally, today it's trading above its daily support level of 53,774.03.
🔰Either it will continue to grow based on the head and shoulders pattern and its neckline breakout from this exact level,
🔰or it might lose the support of the head and shoulders channel's high and drop to 53,774.03, where it could start to rise again.
🔰If there's a deeper decline, it might bounce back after hitting the slower bullish trendline.
🔰Growth Targets:
Target 1: 58,542.45
Target 2: 61,787.92
🔰Stop-Loss for this bullish scenario: A breakdown below the slower bullish trendline (the red diagonal line) on the 15-minute timeframe.
🔰If the stop-loss is triggered, Bitcoin will enter a bearish phase based on the primary analysis."
Note
🔄#BITCOIN analysis update - August 8
⏳Based on the 4H time-frame
"The recent growth of #Bitcoin compared to the previous decline has been gradual and slow.
Under these circumstances, we expect Bitcoin to react negatively to the nearest major resistance levels and re-enter a bearish phase.
Two key resistance levels near the current price are the 4-hour timeframe bearish trendline and the price range of 61788.00-62731.30.
The most likely scenario is a decline starting from one of the aforementioned resistance levels.
The decline targets are 52638.00, 48830.70, and 46137.20, respectively.
The stop-loss for this bearish scenario is a consolidation above the resistance range of 61788-62731.30.
If there is a consolidation above this range, #Bitcoin will enter a sustained bullish trend."
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⏳Based on the 1H time-frame
"If #Bitcoin is going to start its decline from the 4-hour timeframe bearish trendline (first resistance):
It must be able to break through the two nearby supports, namely the bullish trendline and the support at 55809.61 in the 15-minute timeframe.
In this case, the conditions for a decline to the specified targets will be smoothed."
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Terms:
1-Support: A price level at which buying interest tends to be strong enough to prevent the price from declining further.
2-Bearish trendline: A line connecting a series of lower highs on a chart, indicating a downtrend.
3-Bullish trendline: A line connecting a series of higher lows on a chart, indicating an uptrend.
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