Hiii Cohorts!! Trust y'all are doing great? It's been a long time i made TAs on cryptocurrency though it's bad meeting btc at the edge of a cliff. Well, this was very much expected because of the price action of btc completely corresponds with the technical analysis. At the moment, btc has formed a bullish inverse and head and shoulder pattern after an voluminous dip from $69k but now starting to get futile due to the triple rejections at the weekly resistance level ($45.7k). Now, bitcoin is probable to follow the harmonic pattern in the descending channel if it fails to close above the weekly resistance ($43.1k) which will ratify a possible era of a new bull season. The harmonic patterns have been playing out consistently since the second time bitcoin survived ($30k support level) in july 2021 which is now regarded to as a major support level for bitcoin. The current state of the crypto market is still bearish until we see a reverse above the weekly resistance ($43.1k). Sooner or later, we'll ascertain the next possible move with the help of the lower time frames but for now, bitcoin is absolutely bearish.
Your likes and opinions would be much appreciated, you can follow up for more helpful contents and do follow my comment sections too for quick updates.
Your likes and opinions would be much appreciated, you can follow up for more helpful contents and do follow my comment sections too for quick updates.
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As regards my TAs on bitcoin that was disseminated yesterday, we continue to see a consolidation btw the specified area of the weekly support and monthly resistance which has ignited a mote of pressure and confusion on the next price action on btc. I'd exhort everyone to await confirmation unless you are willing to take the risk of any position from here but the cryptosystem as at right now is sheerly bearish.Trade closed: target reached
According to the previous forecast, we have seen a followed up trend line as predicted and congratulations to everyone that took the short position. Presently, the bearish double top pattern formed is still in play though there is a support level at $32.3k which is still holding the price from taking further drops for now.We now have two scenarios that would play out.
Scenario 1: Retest of
39K on the daily tf which has already happened yesterday and then a retest of 
42K on the weekly tf is highly expected to happen if the current support level holds.Scenario 2: Break the price of the current support level and then we see a rug pull to $32k
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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.