RLinda ! BTCUSD-> Bears in bull's clothing? What's going on?
Updated
The current price of bitcoin is $16950. The 24-hour trading volume is $18 billion. CoinMarketCap is currently in first place with a live market capitalization of $356 billion, up from $358 billion yesterday. The flagship has a total stock of 21 million coins and a circulating stock of 19 million BTC coins
Bitcoin has struggled to break up through the 17,065 level, but after a false breakdown, the price goes into a correction phase, but at the same time forms a symmetrical triangle on the local rising trend.
The collapse of FTX triggered one of the strongest capitulations in bitcoin history. Nevertheless, the characteristics of this maneuver have some similarities to the 2015, 2018, 2020 crashes.
Glassnode, likewise, claims that long-term holders, against will and determination, continue to hold the asset, while at the same time there is an unprecedented depletion of sellers in the market.
A strong trend line from April 2021. Bitcoin has been approaching the downside zone many times in the last 4 months, but only for a retest.
November put a lot of pressure on this resistance and once again the line has been broken.
The price reacts quite violently to the resistance line. The bulls manage to overcome it, but there is a 17592 liquidity zone ahead, which will be difficult to pass.
Bitcoin is in strong isolation. The price is sandwiched between the downward resistance line and the lower boundary of the previously broken range. The 17592 liquidity zone may not allow the price to pass it the first time, I think it is logical in this case to expect a pullback towards 16000.
Indicators so far without any clear setups. The RSI is below the neutral line, while the MACD chart indicates some bullish superiority, but the sliding lines are still in the red zone.
The MA-50 and MA-200 moving averages are as resistance.
Bitcoin is in a local ascending price channel. At the moment it is difficult to speak about change of trend, maybe it is just upward correction. Let's break down the two sets.
The price is in a triangle, the previous movement was bullish, which suggests the possibility of a breakdown of the triangle resistance and renewal of the tops.
If that is the case, we should expect the price to move beyond the upper boundary of the triangle, consolidation above the level of 17065
BUT, the global trend is bearish. Bitcoin in the global perspective is in the short zone, so it is a priority to consider selling.
The price has tested the resistance of the uptrend channel and so I believe the next target will be support - a standard trading system when working with ranges.
We expect a breakdown of the triangle support, price consolidation in the short zone, after which a drop to 16250 is possible.
Regards R. Linda!
Bitcoin has struggled to break up through the 17,065 level, but after a false breakdown, the price goes into a correction phase, but at the same time forms a symmetrical triangle on the local rising trend.
- -Bull divergence on weekly RSI continues to develop
- -Bitcoin by Month. October stands out as the most positive month in terms of dynamics
- -SMMA 250. Demonstration of the support line against the backdrop of key events of the times. 2015 - BitFinex crash. 2020 - pandemic coup. 2022 - FTX crash.
The collapse of FTX triggered one of the strongest capitulations in bitcoin history. Nevertheless, the characteristics of this maneuver have some similarities to the 2015, 2018, 2020 crashes.
Glassnode, likewise, claims that long-term holders, against will and determination, continue to hold the asset, while at the same time there is an unprecedented depletion of sellers in the market.
A strong trend line from April 2021. Bitcoin has been approaching the downside zone many times in the last 4 months, but only for a retest.
November put a lot of pressure on this resistance and once again the line has been broken.
The price reacts quite violently to the resistance line. The bulls manage to overcome it, but there is a 17592 liquidity zone ahead, which will be difficult to pass.
Bitcoin is in strong isolation. The price is sandwiched between the downward resistance line and the lower boundary of the previously broken range. The 17592 liquidity zone may not allow the price to pass it the first time, I think it is logical in this case to expect a pullback towards 16000.
Indicators so far without any clear setups. The RSI is below the neutral line, while the MACD chart indicates some bullish superiority, but the sliding lines are still in the red zone.
The MA-50 and MA-200 moving averages are as resistance.
Bitcoin is in a local ascending price channel. At the moment it is difficult to speak about change of trend, maybe it is just upward correction. Let's break down the two sets.
The price is in a triangle, the previous movement was bullish, which suggests the possibility of a breakdown of the triangle resistance and renewal of the tops.
If that is the case, we should expect the price to move beyond the upper boundary of the triangle, consolidation above the level of 17065
BUT, the global trend is bearish. Bitcoin in the global perspective is in the short zone, so it is a priority to consider selling.
The price has tested the resistance of the uptrend channel and so I believe the next target will be support - a standard trading system when working with ranges.
We expect a breakdown of the triangle support, price consolidation in the short zone, after which a drop to 16250 is possible.
Regards R. Linda!
Note
Price confirms on the pullback the lower boundary of the triangle and heads towards 17065Consolidation is narrowing. Waiting for a breakout of one of the pattern boundaries
Note
BTCUSD breaks resistance to the "Triangle" patternTrade active
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🔴Contact:
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🧿Web: rlinda.com
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