BTCUSD (BITCOIN)
Bitcoin Longterm Analysis:
After drop of bitcoin price from 31k price hold 18926$ level on daily candle closing above this level now we see in big timeframe market structure is forming bearish wedge or rising wedge in downtrend which show the selling trend continuation to downside. and price now rejecting from its strong level of resistance trendline also from 200EMA retest in Weekly time frame show sell trend continuation.
What next in Bitcoin?
Price is rejecting from the reistance trend line from previous 4 5 days and candles also give indication of bears taking control some pin bar and evening star candles show the bear strength. Go to 4H and see i draw the gray zone market structure if price break and candle close in 1h than we short and our target is orange trendline support if break also breakthis support than we see the longterm down trend in bitcoin btc and in crypto market altcoin is continuinig and price drop to next level of supports.
Volume Analysis.
Volume is also high and show the instituitions position are active at this supports and volume is high.
ADX D+ D- .
Adx indicaor also show the power and strength in the daily time frame its at 21. D+ is now crossing the ADX which show that it soon coming to D- and if D- is sucessfully break D+ to upside than ADX is also high we see very strong fall in the price of bitcoin towards 22k and 21k levels.
After drop of bitcoin price from 31k price hold 18926$ level on daily candle closing above this level now we see in big timeframe market structure is forming bearish wedge or rising wedge in downtrend which show the selling trend continuation to downside. and price now rejecting from its strong level of resistance trendline also from 200EMA retest in Weekly time frame show sell trend continuation.
What next in Bitcoin?
Price is rejecting from the reistance trend line from previous 4 5 days and candles also give indication of bears taking control some pin bar and evening star candles show the bear strength. Go to 4H and see i draw the gray zone market structure if price break and candle close in 1h than we short and our target is orange trendline support if break also breakthis support than we see the longterm down trend in bitcoin btc and in crypto market altcoin is continuinig and price drop to next level of supports.
Volume Analysis.
Volume is also high and show the instituitions position are active at this supports and volume is high.
ADX D+ D- .
Adx indicaor also show the power and strength in the daily time frame its at 21. D+ is now crossing the ADX which show that it soon coming to D- and if D- is sucessfully break D+ to upside than ADX is also high we see very strong fall in the price of bitcoin towards 22k and 21k levels.
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