BTCUSDT 12H
#Bitcoin has four key factors, apart from news and market psychology, that have contributed to its drop—something we were expecting. Remember, every drop is a buying opportunity. The market is gathering its fuel to make a big move and explode upward.🚀 So, these days are shopping time😀. Now, let’s go through the four points:
1- CME Gap: Bitcoin had a CME gap between $103,670 and $102,470 that needed to be filled.
2- Bearish Divergence: It showed bearish divergence across most timeframes, which we’ve illustrated on the chart.
3- Weak Buying Power: There hasn’t been strong buying power, and selling volumes have been higher.
4- Bitcoin Dominance: Dominance has made another move toward 59–60%, likely to shake out weak hands and gather bullish fuel for the next rally.
👍On the chart, we’ve identified two potential points where Bitcoin could rebound:
1- Around the 12H MA50: This is roughly at the bottom of the ascending channel and aligns with the horizontal support level at $98,292.61, making it a strong potential reversal point.
2- If the ascending channel breaks: #Bitcoin could drop to retest the 12H MA100, which is near the support zone between $93,010 and $92,310, before moving back up.
💁♂️If Bitcoin reverses upward, the first target is 🎯$110,657, and the second target is 🎯$118,828. For now, we’ll stick to this analysis and see how the market reacts.
🤚Avoid using leveraged trades under any circumstances until the market establishes its direction.
1- CME Gap: Bitcoin had a CME gap between $103,670 and $102,470 that needed to be filled.
2- Bearish Divergence: It showed bearish divergence across most timeframes, which we’ve illustrated on the chart.
3- Weak Buying Power: There hasn’t been strong buying power, and selling volumes have been higher.
4- Bitcoin Dominance: Dominance has made another move toward 59–60%, likely to shake out weak hands and gather bullish fuel for the next rally.
👍On the chart, we’ve identified two potential points where Bitcoin could rebound:
1- Around the 12H MA50: This is roughly at the bottom of the ascending channel and aligns with the horizontal support level at $98,292.61, making it a strong potential reversal point.
2- If the ascending channel breaks: #Bitcoin could drop to retest the 12H MA100, which is near the support zone between $93,010 and $92,310, before moving back up.
💁♂️If Bitcoin reverses upward, the first target is 🎯$110,657, and the second target is 🎯$118,828. For now, we’ll stick to this analysis and see how the market reacts.
🤚Avoid using leveraged trades under any circumstances until the market establishes its direction.
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.
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.