Bitcoin and the 3 bearish scenarios.Hello, dear TradingView members.
This idea is a Bitcoin analysis.
Now that Bitcoin has closed another red monthly candle, we can talk about our bearish situations for this season.
This bearish scenario is only for the situation when Bitcoin falls from the 17K support level.
There are three possible scenarios:
1. Red Scenario:
The price will pass the 17K support level, and then, after moving sideways in the 12K-17K area for a while, it will fall from the 12K level to lower support levels.
2. Blue Scenario:
The price will fall below the resistance and start consolidating in the 12K and 17K price range until the support/resistance levels change. That's when we can estimate the new vital levels.
3. Green Scenario:
The price will fall just like the other two scenarios. Still, after moving sideways in the range and retesting the resistance level a few times, we will pass the 17K resistance level and experience a bullish movement.
The resistance level we have for now is the 33K level.
By resistance level, I'm talking about the solid resistance between our price range and the top prices, which will lead the ATH.
I haven't shown the upper and middle Bollinger Bands on this chart because it's not showing anything special in this timeframe. The price is pushing down on the lower Bollinger Band.
RSI still isn't showing oversold signals in the weekly timeframe, so we still have room to go lower.
Let me know if you guys have any questions;
I will be more than happy to help.
Good luck, and thank you.
