BTC Long & Short term update
Short Term:
Bitcoin is forming a falling wedge in a 4-Hour time frame which is a Bullish pattern But the price is trading below 50 MA.
I would expect some more upside if we regain above 0.618 fib level 📈
Bitcoin needs to close a candle above this pattern and clear the mark of $20,9k then we can expect some positive movement in price.
Also If enough shorts are liquidated, the market might see a volatile move to the upside.
Long Term:
Weekly RSI has reached below 30 only 3 times in history 🧐
Previous two times were in 2015 & 2018 in both cases it turned to be the macro bottom 🔥
So I would not ignore this signal 👀
BTC is again back to it's very important support zone which is also a 2017 bull market top. It must hold this support.
It is forming a falling wedge like pattern in the weekly time frame.
If BTC holds this support then we can see some bounce in upcoming weeks.
Support Levels:
Three increasingly more painful BTC levels according to on-chain. 19k, 16k and 13k.
All of them are likely to act as supports, Any close below this support (19k) will take us to 15k-16k level. Let's see BTC is able to hold this support or not.
Keep in mind that Bitcoin is still heavily affected by three factors: the U.S. Federal Reserve (Fed), the strength of the U.S. dollar, and the upcoming Ethereum “Merge” so keep an eye on them
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.