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BTC Head and Shoulders Break Target HitWith today's price action Bitcoin has come down to test the 25,300 level. This has been a very important resistance level in the past that once it broke above this level, it needed to come back and retest as support. As we can see, there's also an upward trending trading range / trend channel (In Blue) that has held well twice before. Hopefully BTC bounces here and continues higher, ideally getting through the $32 K level. Past $32k to the upside, gives a clear path to FWB:48K to $50K, the Golden Pocket retrace of the market cycle high to low. But there are a sizable order blocks above between FWB:29K and FWB:31K that will act as a formidable resistance area (not shown). So this is going to be interesting battle. We still have an unfilled CME gap around $20k also. And there's a larger Head and Shoulders forming on the weekly chart, that if we lose the neckline support points to a re-test of the recent market cycle lows down to $16k. Our indicators show that the bottom is in, but could still be re-tested. But my bias for now is towards the upside. What do you think?
by BrettFogle
1
BITCOIN needs more correction for further gain ❌🧨Hello 🐋 based on the chart, the price has chosen to fall again and break out of the parallel channel has been completed 📖💡 for any other huge pump, we need even more correction to the downside ❌🧨 beside brief amount of gain and green candlestick is logical 📖💡 and range candlesticks to the upside and downside before any other sharp movement is logical too 📖💡 👌 Notice: pay attention to the price on shortcut chart (located under the main chart with black colour) 📖💡 Please, feel free to share your point of view, write it in the comments below, thanks 🐋
by MadWhale
10
Bitcoin Boom-Bust Cycle PatternsFrom a technical point of view, it is seen that Bitcoin making its 4th boom-bust cycle move. The black line I drew on the logarithmic chart has been acting as support and resistance regularly since 2012. The past 3 boom-bust cycle patterns have been applied to the cycle that we’re in right now. The Yellow line is between 2012-2014; The blue line is between 2018-2021; The green line represents the boom-bust cycle from 2014-2021. In my personal opinion and when I look at the support that Bitcoin found at the $16500 level, I think the scenario will be like the Blue line.
INDEX:BTCUSDLong
by YavuzAkbay
#Bitcoin - thoughts out loud #08Good evening, we are from Ukraine! I expect further depreciation of the cryptocurrency market. In this phase of the market, we are interested in a supply test in the range of 30,000-31,000, after which the further development of the situation will be clear. There is weakness on the older time frames, but there are variable factors in the market and it is too early to give an accurate assessment. The end of the trading situation opens up 2 scenarios: 1) Asset depreciation to 17500. 2) The asset's price increase to 3500. Thank you all for your attention, I wish you success. Sometimes you win/sometimes you learn. #Bitcoin BINANCE:BTCUSDT
by WVitalievich
BItcoin prepping itself for strong upside to $36,000Falling Wedge formed on Bitcoin. This was with the prior uptrend flag pole. We need the price to break above the Apex to confirm upside. While the price has been constricting in the Wedge, there were mixed signals along the way. 1. Price is above the 200MA which makes it bullish. 2. 21>7 - Bearish - but it's because of the range with the Wedge 3. RSI<50 - Bearish but there are HIGHER lows in the grand scheme of things (Bullish) Target $36,000 With the US dollar losing power, with the Americans considering defaulting on certain debts, with interest rates and inflation rates continue to spook the world with consumption and supply. It looks like confidence and focus is being aimed at Bitcoin and there are signs it will continue higher. We'll have to see and wait for that breakout to the upside.
OANDA:BTCUSDLong
by Timonrosso
1
Bitcoin - Big Brain Analysis 🧠What's up, traders! In today's market breakdown, we're mapping out our latest levels to watch for on the BTC 30m chart. Let's dive right in... Ticker: BTCUSDT Date: 05/23/23 Supply: 28,120-28,320 (red zone) Key zone: 27,415-27,600 (grey zone) Demand: 26,360-26,615 (1st green zone), 25,790-,26060 (2nd green zone) Commentary: BTCUSDT has been trading in a range between this key zone and demand for more than 10 days now and can't seem to break out of this range. We can target a lot of plays on both sides as long as these levels are respected. Currently it seems to be respecting this 26,360-26,615 demand again. There are a few trades we could target from here: ✅ Bullish Scenario 1: you want to see price pull back into the 1st demand zone ~26,360-26,615 and buyers to emerge again for an upside move, possibly into ~27,415-27,600 key zone or higher into supply at ~28,120-28,320. This is the safer upside play. ✅ Bullish Scenario 2: you want to see price break above ~27,415-27,600key (grey) zone, pull back to retest this zone and turn it into demand to catch a break and retest for a further upside move, potentially into supply at ~28,120-28,320. ✅ Bullish Scenario 3: you want to see price break 1st demand zone and retest 2nd demand zone at ~25,790-,26060, find strength again, and possibly catch a break and retest of this demand zone for a move back into 1st demand zone at ~26,360-26,615 or key zone at ~27,415-27,600. 🟥 Bearish Scenario 1: you want to see price approach this key (grey) zone at ~27,415-27,600, sellers to regain control as they have done through the last 10 days, and possibly catch a downside play, possibly into demand at ~26,360-26,615 again. This will be the safer downside play. 🟥 Bearish Scenario 2: you want to see price approach supply at ~28,120-28,320, show weakness, possibly retest this zone and reject again for a move down into the grey zone or further down into demand. 🟥 Bearish Scenario 3: you want to see price break below demand at ~26,360-26,615, pull back up to retest and turn this zone into supply for further downside. There is a demand zone at ~25,790-,26060 so be cautious of that in this scenario. That's all we got for you in this one. So what do you think? Are you bullish or bearish on BTC? Let us know in the comments below! We'll see you in the next one. -The AlgoBuddy Team
by QuantVue
4
BTC Bitcoin and the Debt Ceiling this week Debt Ceiling Explined: Bitcoin and other cryptocurrencies can be influenced by broader economic factors. In a scenario where a government default occurs or there is a significant economic downturn, it is likely that market uncertainties and investor sentiment could lead to a decline in Bitcoin's value. Bitcoin has formed a Head and Shoulders bearish chart pattern! The head and shoulders pattern is generally considered a bearish signal in traditional financial markets. It consists of three peaks, with the middle peak (the head) being higher than the other two (the shoulders). This pattern suggests a potential reversal in price direction, with a downward trend likely to follow. My Price Target for BTC Bitcoin is $23000. Looking forward to read your opinion about it!
Short
by TopgOptions
#BTC/USDT Weekly Overview, Downtrend is broken.Welcome to this quick update everyone. Bitcoin is looking strong weekly. Although it could not break through the FWB:31K level the 200 Weekly MA which has also been marked as the Bear Market bottom Indicator is acting as support. This is an excellent indication for the bulls. So in the mid and long term, Bitcoin is Bullish. It simply looks like a retest of the 200 WMA in Weekly and 100 MA in Daily. (The Chart is right below this idea.) Let's take the worst-case scenario in Hand:- As per our previous charts, the price closed below $27154 (Around $27963). which makes it possible for a retest of $22.8k to $24.3k levels. Even if we see some corrections in lower Time frames in the coming weeks it is highly likely that the 200 WMA will hold as support as the weekly candle for the respective week closes. So any dump below $26k could end up being a trap. Big wallets have accumulated a lot as per on-chain Massive outflows from the exchanges have already happened. Fundamentals are strong as well. Everything you see over CT and News is all to distract you. I've said this before in May 2020 when BTC was trading at $7400 This is the second time I am saying the same thing. So if you are thinking of selling your Bitcoins to buy back a little lower you will likely end up buying higher. better to look at the long-term perspective and stay bullish for the next 2 years. Bitcoin has broken its downtrend and we are going to make a new ATH soon. It is just a matter of time. Let me know what you think and do share your view sin the comment section. Do not forget to hit the like button to support my work. THANK YOU #PEACE
BITSTAMP:BTCUSDLong
by Cryptorphic
6
BTC setting buyers territoryBTCUSD could be setting itself up for a buyers territory below with matching fib level. A recent higher high allows buyers to target previous resistance that could turn to support if rejected. - Higher high - Lower low pending - Previous resistance turned support if rejected - Matching fib level at the 50% mark with potential - With positive outcomes for BTC in the economic data could send higher PLAN - Hold for buy zone around 24-25k price - Look for double bottom higher high lower low
COINBASE:BTCUSD
by Youza
Bitcoin Trading Overview Hello! Today I would like to share my observations regarding the current situation with Bitcoin. Currently, Bitcoin is trading within an ascending channel, which is a positive signal. Its current position in the middle of the channel may indicate that we can expect price fluctuations in the near future. However, it is important to note that we need to closely monitor the further price movement in order to determine the direction. On the chart, I have marked several zones that may be significant. First and foremost, I anticipate that we may move towards the upper boundary of the ascending channel. If such a movement occurs, it could serve as a good signal to open positions in the direction of growth. However, we should not rule out the possibility of the price dropping to the level of $23,000. If this happens, it could create an excellent opportunity to enter the market at a favorable price. It is important to know your risks and always have a capital management strategy. Please note that these are just my thoughts and should not be considered as financial advice.
by CHOWTRADE
1
BITCOIN close to channel resistance and resistance area ❌🧨Hello 🐋 based on the chart, the price is close to the descending channel resistance and resistance area and breakout of support to the downside happened 📖💡 for any other huge pump, we need more correction to the downside 💡📖 if the breakout of the first support area (25K) to the downside won't happen, we can see more gain from 25k 💡📖 but if breakout of the lower support zone(25k) be completed, we can see more correction to the downside at least close to 23k area and see more gain from 23k level 📖💡 range candlesticks to the upside and downside before any other sharp movement is logical 📖💡 👌 Notice: pay attention to the price on shortcut chart (located under the main chart with black colour) 📖💡 Please, feel free to share your point of view, write it in the comments below, thanks 🐋
Short
by MadWhale
9
Where is BTC at?Hey party people, Snake is back. It's been a while since I've done a review. Looking at the Bitfinex chart today, with one eye ofcourse, I did notice something interesting. On the Ichimoku the Tenkan crossed below the Kenjun on the 8th May. Bearish sign. But it has been chopping the last few weeks. But, in saying that, the price dropped below the 21 week MA on the 11th May. It has now crossed above the Tenkan, but the 21 week MA is holding as resistance at the moment. But, notice since the bottom in December 22 / January 23, it has not stayed below this MA for long. And the last bounce took about 34 days to produce ~56% gain. But, if we are in a bearish downtrend, then more downside is to come, and the Snake will not be happy. Keep fighting the good fight people. Peace and love and spicey rum. Happy Sailing Privacy Pirates. F.Society, F.Banksters, F.Politicians Best regards, Snake Plissken
BITFINEX:BTCUSD
by kryptologic