CRITICAL SUPPORT LEVEL FOR #BITCOIN ⟶ A DEEP DIVE!!
Updated
📈#BITCOIN / ⏱4-hour Timeframe
🌟Following an erosive downtrend in a bearish channel, #BITCOIN has experienced an erosive uptrend within an bullish channel (green and red channels in the figure). There is a possibility of a price decline🔻
✅Condition for a decline: A breakdown below the 4-hour bullish channel‼️
🎯If this occurs, #BITCOIN could target:
1️⃣Target 1: 59671.53
2️⃣Target 2: 55123.07-55382.60
⚠️Both targets represent significant support levels that could halt the decline.
👉If the price rebounds from Target 1, a wedge pattern could form.
👉If the price rebounds from the second support, a head and shoulders pattern is likely to form. (I discussed this in detail in Saturday's analysis - Bitcoin Roadmap👈👀)
‼️So far, we've discussed the conditions for a decline.
🌟However, since the breakdown condition has not yet been met, and considering that we are currently at a significant support level (4-hour timeframe pivot and channel bottom)
✅In the next image, I will discuss the conditions for an upward movement from this area on a lower timeframe👀👇
.....................................
💎#BITCOIN / ⏱15-Minute Timeframe
🌟Until the bearish condition is confirmed on the 4-hour timeframe, we need to be aware of the potential for an upward movement. This is because we are in a significant support area‼️
🔥This range (61689.79-61974.45) is a crucial support zone for today. If we see a price increase from this zone, I have identified 3 bullish conditions with varying risk levels👇
✅Bullish Conditions✅
🚀🚀🚀High Risk: Breaking the bearish channel within the wedge pattern.
🚀🚀Medium Risk: Breaking the upper arm of the wedge pattern.
🚀Low Risk: Breaking the resistance at 63371.67.
⚠️(Note that the primary bullish condition is breaking the resistance at 63371.67, but the first two conditions can provide better entry points with higher risk.)
🎯If the bullish condition is met, #BITCOIN could reach the following targets:
1️⃣Target 1: 63942.06
2️⃣Target 2: 65048.33
3️⃣Target 3: 66885.23
🌟Following an erosive downtrend in a bearish channel, #BITCOIN has experienced an erosive uptrend within an bullish channel (green and red channels in the figure). There is a possibility of a price decline🔻
✅Condition for a decline: A breakdown below the 4-hour bullish channel‼️
🎯If this occurs, #BITCOIN could target:
1️⃣Target 1: 59671.53
2️⃣Target 2: 55123.07-55382.60
⚠️Both targets represent significant support levels that could halt the decline.
👉If the price rebounds from Target 1, a wedge pattern could form.
👉If the price rebounds from the second support, a head and shoulders pattern is likely to form. (I discussed this in detail in Saturday's analysis - Bitcoin Roadmap👈👀)
‼️So far, we've discussed the conditions for a decline.
🌟However, since the breakdown condition has not yet been met, and considering that we are currently at a significant support level (4-hour timeframe pivot and channel bottom)
✅In the next image, I will discuss the conditions for an upward movement from this area on a lower timeframe👀👇
.....................................
💎#BITCOIN / ⏱15-Minute Timeframe
🌟Until the bearish condition is confirmed on the 4-hour timeframe, we need to be aware of the potential for an upward movement. This is because we are in a significant support area‼️
🔥This range (61689.79-61974.45) is a crucial support zone for today. If we see a price increase from this zone, I have identified 3 bullish conditions with varying risk levels👇
✅Bullish Conditions✅
🚀🚀🚀High Risk: Breaking the bearish channel within the wedge pattern.
🚀🚀Medium Risk: Breaking the upper arm of the wedge pattern.
🚀Low Risk: Breaking the resistance at 63371.67.
⚠️(Note that the primary bullish condition is breaking the resistance at 63371.67, but the first two conditions can provide better entry points with higher risk.)
🎯If the bullish condition is met, #BITCOIN could reach the following targets:
1️⃣Target 1: 63942.06
2️⃣Target 2: 65048.33
3️⃣Target 3: 66885.23
Trade closed: target reached
🔥Furthermore, in yesterday's analysis, I provided an exact point for BITCOIN's decline.
💰It presented a golden opportunity to profit🎉
✅Precisely after the channel breakdown, which signaled a bearish trend, there was a rally that offered an excellent entry point in lower timeframes
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