My Analysis of the Bitcoin Chart:
Well, looking at this Bitcoin chart, a few key points stand out:
Downtrend:
First of all, we see a clear downtrend. From the previous peaks, prices have been steadily declining. This indicates that selling pressure in the market has been strong.
Potential Pattern:
It seems that an Elliott wave correction is forming. If we look closely, we can also see something similar to an inverted Head and Shoulders pattern. Of course, it's not complete yet, but there are signs of it.
Support and Resistance Levels:
There is an important support level in the range of $74,000 to $76,000, which is marked in green. This level is forming a very strong positive divergence. If the price can maintain this level and the inverted Head and Shoulders pattern is completed, we will likely see an upward movement. We could even see a cleaner bullish drive pattern.
Possible Scenarios:
Scenario 1 (Bullish):
If the price can maintain the support range, I expect a reversal from that range. (Positive divergence can be a good catalyst for this).
Scenario 2 (Bearish):
If the price cannot maintain the support level of $74,000, it will probably fall to $70,000 or even lower.
Well, looking at this Bitcoin chart, a few key points stand out:
Downtrend:
First of all, we see a clear downtrend. From the previous peaks, prices have been steadily declining. This indicates that selling pressure in the market has been strong.
Potential Pattern:
It seems that an Elliott wave correction is forming. If we look closely, we can also see something similar to an inverted Head and Shoulders pattern. Of course, it's not complete yet, but there are signs of it.
Support and Resistance Levels:
There is an important support level in the range of $74,000 to $76,000, which is marked in green. This level is forming a very strong positive divergence. If the price can maintain this level and the inverted Head and Shoulders pattern is completed, we will likely see an upward movement. We could even see a cleaner bullish drive pattern.
Possible Scenarios:
Scenario 1 (Bullish):
If the price can maintain the support range, I expect a reversal from that range. (Positive divergence can be a good catalyst for this).
Scenario 2 (Bearish):
If the price cannot maintain the support level of $74,000, it will probably fall to $70,000 or even lower.
Trade active
now if you open short on it, put sl on entry point. I'm waiting for good confirmation to open long 
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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.
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.