BTC Bitcoin: 1W Chart Discussion
Updated
Hello friends, today you can review the technical analysis idea on a 1W linear scale chart for the Bitcoin (BTCUSD).
The chart is self-explanatory. The price recently formed a bear flag and now it has been breaking down. Also, the price broke below the Support and Resistance Line with an attempt to go back above it however it failed. Since that point, the price has been falling on the weekly scale. The bear flag target is around 22K, however the price may get supported around the 30K region as there is significant support. RSI is headed down and MFI (Money Flow Index) is also falling. Volume has been consistent. The VPVR (Volume Profile Visible Range) shows areas of heavy trading. This analysis is only showing a downside case. If price moves back above the S/R line, the analysis may be invalidated.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
The chart is self-explanatory. The price recently formed a bear flag and now it has been breaking down. Also, the price broke below the Support and Resistance Line with an attempt to go back above it however it failed. Since that point, the price has been falling on the weekly scale. The bear flag target is around 22K, however the price may get supported around the 30K region as there is significant support. RSI is headed down and MFI (Money Flow Index) is also falling. Volume has been consistent. The VPVR (Volume Profile Visible Range) shows areas of heavy trading. This analysis is only showing a downside case. If price moves back above the S/R line, the analysis may be invalidated.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
Note
BTC Weekly close will be important.
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