⚠️Bitcoin Analysis (Mix of Patterns)⚠️
Updated
👋Hi, everyone. First of all, I apologize for the chart being busy, but I think all the lines and zones are needed to better understand it.
🏃♂️Bitcoin is moving in two descending channels: a ⚫️Black Descending Channel⚫️ and a 🟣Purple Descending Channel🟣. Also, it is currently moving in the 🔴Resistance zone($66,050-$64,520)🔴and near the Upper line of the descending channel and 50_SMA(Daily) and Time Reversal Zone(TRZ).
📈If we want to look at the chart from the point of view of the Classical and Harmonic patterns, Bitcoin has succeeded in breaking the lower line of the Symmetrical Triangle Pattern, and it seems that a Bearish 5-0 Harmonic Pattern is forming near the upper line of the 🟣descending channel🟣.
💡Before concluding, let's take a look at the Market Cap USDT Dominance% (USDT.D%) chart.
💡USDT.D% broke the 🔴Resistance zone(4.72%-4.53%)🔴 as I expected and is currently pulling back to this zone, the pullback structure seems to be forming with the Falling Wedge Pattern, I expect USDT.D% to rising again and this It will cause another decline in the cryptocurrency market.👇
🔔I expect Bitcoin to start falling again based on the above explanation.
❗️⚠️Note⚠️❗️: An important point you should always remember is capital management and lack of greed.
Bitcoin Analyze ( BTCUSDT ), 4-hour time frame ⏰.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my Idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
🏃♂️Bitcoin is moving in two descending channels: a ⚫️Black Descending Channel⚫️ and a 🟣Purple Descending Channel🟣. Also, it is currently moving in the 🔴Resistance zone($66,050-$64,520)🔴and near the Upper line of the descending channel and 50_SMA(Daily) and Time Reversal Zone(TRZ).
📈If we want to look at the chart from the point of view of the Classical and Harmonic patterns, Bitcoin has succeeded in breaking the lower line of the Symmetrical Triangle Pattern, and it seems that a Bearish 5-0 Harmonic Pattern is forming near the upper line of the 🟣descending channel🟣.
💡Before concluding, let's take a look at the Market Cap USDT Dominance% (USDT.D%) chart.
💡USDT.D% broke the 🔴Resistance zone(4.72%-4.53%)🔴 as I expected and is currently pulling back to this zone, the pullback structure seems to be forming with the Falling Wedge Pattern, I expect USDT.D% to rising again and this It will cause another decline in the cryptocurrency market.👇
🔔I expect Bitcoin to start falling again based on the above explanation.
❗️⚠️Note⚠️❗️: An important point you should always remember is capital management and lack of greed.
Bitcoin Analyze ( BTCUSDT ), 4-hour time frame ⏰.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy; this is just my Idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Trade active
Comment
BTC reacted to the upper line of the descending channel/🔴Resistance zone🔴/50_SMA(Daily).Comment
If Bitcoin can break the support line, it will be a sign of more dumps.
Also, we can see Regular Divergence(RD-).
Comment
TRZ and the upper line of the descending channel worked well.✅Comment
Still, I expect BTC will touch the heavy support zone.Trade closed: target reached
👑Real & Accurcy Free & VIP Signals👉 t.me/ProTrader_365
📚Contact & Learning Technical Analysis 👉t.me/Ad_ProTrader365
📚Contact & Learning Technical Analysis 👉t.me/Ad_ProTrader365
Related publications
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.