BTCUSDT|Continue the BULLISH trend or start a deep correction?
Updated
Hello friends, I hope you are well and have a good day.
We examine the Bitcoin chart in the 4-hour time frame.
In the daily time frame, we have a supply area, which is now at the highest level of this area.
Our target level is the price of 53000. If it goes higher than this price, then it will see much higher prices because a resistance limit does not prevent the price growth.
But this supply area is also important, there is a high possibility that by collecting all the liquidity in this area, he intends to make a deep price correction.
Currently, I mostly look for sell positions in smaller time frames, monitor resistance areas and enter sell positions.
The mid-term targets in my opinion are the demand areas: the first target (47700-48400) and the second target (44900-45500).
I will be happy to give your opinion about Bitcoin and if you want to like, follow and support.
We examine the Bitcoin chart in the 4-hour time frame.
In the daily time frame, we have a supply area, which is now at the highest level of this area.
Our target level is the price of 53000. If it goes higher than this price, then it will see much higher prices because a resistance limit does not prevent the price growth.
But this supply area is also important, there is a high possibility that by collecting all the liquidity in this area, he intends to make a deep price correction.
Currently, I mostly look for sell positions in smaller time frames, monitor resistance areas and enter sell positions.
The mid-term targets in my opinion are the demand areas: the first target (47700-48400) and the second target (44900-45500).
I will be happy to give your opinion about Bitcoin and if you want to like, follow and support.
Note
Friends, pay attention to the level of 53000 that I mentioned in the analysis, hindered the growth of Bitcoin, and when you hit this level, you will see the downward movement of Bitcoin.
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In the Bitcoin chart of the 1-hour timeframe, we had a wave similar to the accumulation of liquidity behind the area, and then we saw the fall of Bitcoin.
In the next stage, it reacted to the same 1-hour supply area, and this downtrend continued until it recorded a new bottom lower than the previous one.
Currently, it is stuck with the 1-hour support level. If it breaks this level downwards, we can enter our sell orders with a higher profit percentage.
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Bitcoin has once again reached the support level we had, we have to wait to see if it finally breaks this level down.
To enter selling positions, you can consider this supply area that I specified in the 1-hour timeframe.
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