🏁 Way Down We Go!
Updated
Hello, dear TradingView members.
This idea is a Bitcoin analysis.
So Bitcoin finally pushed down the lower levels and broke support.
As I'm posting this chart, the price is pushing down on the lower Bollinger Band, which is a bearish hint.
And also, it just broke the 200-Week Moving Average, which was one of the strongest supports.
Now, suppose Bitcoin closes a daily candle below the 23K area. In that case, this is officially a correction down to the support levels pointed out in the chart.
Now let's say this idea is correct and accurate. I have set three support levels on the chart in three different colors based on their strength.
Those levels can be counted as our targets in a bearish scenario.
The first support isn't strong enough. It can be broken easily, but the second support is the primary one we have, which is also the gap level we have posted about recently.
And support #3 is where the price might land after the panics in the market. YOu see one the price hits the 17K channel, it will cause a psychological dump due to the panic and massive sell volumes. So support #3 is our last support in case this correction happens.
In this chart, I have shown where the gaps are and how we can fill them:
The main support level we passed which is causing this downtrend is explained here:
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 Bitcoin finally pushed down the lower levels and broke support.
As I'm posting this chart, the price is pushing down on the lower Bollinger Band, which is a bearish hint.
And also, it just broke the 200-Week Moving Average, which was one of the strongest supports.
Now, suppose Bitcoin closes a daily candle below the 23K area. In that case, this is officially a correction down to the support levels pointed out in the chart.
Now let's say this idea is correct and accurate. I have set three support levels on the chart in three different colors based on their strength.
Those levels can be counted as our targets in a bearish scenario.
The first support isn't strong enough. It can be broken easily, but the second support is the primary one we have, which is also the gap level we have posted about recently.
And support #3 is where the price might land after the panics in the market. YOu see one the price hits the 17K channel, it will cause a psychological dump due to the panic and massive sell volumes. So support #3 is our last support in case this correction happens.
In this chart, I have shown where the gaps are and how we can fill them:
The main support level we passed which is causing this downtrend is explained here:
Let me know if you guys have any questions;
I will be more than happy to help.
Good luck, and thank you.
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