Latest situation in BitcoinThere is not much to add to my past analysis, but I would like to share my thoughts again at the request of a few friends. The general belief of the triangles principle is that the direction of refraction can break the algorithm of the triangle. I believe that the breakout on the 4-hour chart gives a downward signal.
I will not evaluate indicator data at all. But let's count the up triangles and the down triangles together by looking at the image below.
Signal majority is pointing down . I consider this a bearish signal.
When we look at the weekly chart, we see a harmonic pattern and a normal chart formation.
If the measurement is not wrong in the Head & Shoulders formation, it shows the average 18-20K range. If we accept that the D leg of the harmonic pattern will extend up to 1.27, this shows the same levels on average.
In the chart above, the previous closes of the candles being above the opening and the high volumes may indicate the continuation of this decline.
Although a small upward spike extends in the 4-hour time frame, candles and volumes on the weekly chart show us that the trend direction has not changed yet. The money volume tracking indicators offered by the exchanges to their users still show that the sellers are superior.
I think that the region that the common data of fibonacci trend channel and schiffin shows as the accumulation area cannot be passed.
When we make synchronous measurements with Gann measurement tools, we see that the same region is a strong support one.
This area we are talking about is the common intersection of fann 4/1 and gann-fib 0.25 levels. it also seems to be angularly synchronous to the old accumulation zones.
Now, if we try to see the time interval with fib levels by making a different measurement;
In the chart above, you can see that green tones represent an uptrend and red tones represent a downtrend. That's not what matters. See the levels that matter
In the graphic above, everything depicts fragments of chaos hidden within a grand order. Starting from the beginning, there are arrows in the gann box that correspond to the fib levels. The slice intervals of the Gann box form a box pattern for each trend. arrows move synchronously as 1 forward 1 back. 2 forward 2 back. This pattern seems to be fully consistent with fann and gann fib levels.
So what does this show us?
It signals that a cycle is about to be completed and a new process will be entered. In my own personal opinion, the downtrend cycle will end by extending the decline to 23k and below. I think it will start a new upward movement later on. In addition, when we looked at the data we pulled through the api of the order boards of the exchanges, I saw that there was a loaded long order between 18-25K.
Considering that these are big buyers, they probably wouldn't place orders there if the price wasn't going to go down there.
Now, when we look at the small movements of btc, it gives the impression that it will start an upward movement. I hope I'm wrong. Thus begins a new bull season. Thus, small investors win or not lose more easily. However, I wanted to develop a perspective that you can consider as an additional plan c to your own strategies.
NOTE: This is not investment advice.
