🪫 Bitcoin in a strong sell market! What's next?
Updated
Hello, dear TradingView members.
This idea is a Bitcoin analysis.
Many of you asked me to zoom in and publish a short-term analysis of Bitcoin. So for this post, I will not talk about how this coin is going down; I will see how it might behave in the next few hours.
Bitcoin got rejected today by Bollinger Bands, and the solid resistance which was around $31,000.
As you can see on the chart, the price pushed down the lower Bollinger Band and crossed it. Now it is consolidating on the bottom of the support, moving sideways to the middle Bollinger Band.
The middle band might probably work as resistance and push the price even lower.
Scenario one:
More dump:
The price will get rejected again. This time by the middle band.
Scenario two:
We will pass the middle band in a sideways move and then get support and more buy volumes and reach for resistance.
The Speedometer indicator shows Strong Sell volumes on the market for BTC on a 1D interval.
Let me know if you guys have any questions;
I will be more than happy to help.
Good luck, and thank you.
This idea is a Bitcoin analysis.
Many of you asked me to zoom in and publish a short-term analysis of Bitcoin. So for this post, I will not talk about how this coin is going down; I will see how it might behave in the next few hours.
Bitcoin got rejected today by Bollinger Bands, and the solid resistance which was around $31,000.
As you can see on the chart, the price pushed down the lower Bollinger Band and crossed it. Now it is consolidating on the bottom of the support, moving sideways to the middle Bollinger Band.
The middle band might probably work as resistance and push the price even lower.
Scenario one:
More dump:
The price will get rejected again. This time by the middle band.
Scenario two:
We will pass the middle band in a sideways move and then get support and more buy volumes and reach for resistance.
The Speedometer indicator shows Strong Sell volumes on the market for BTC on a 1D interval.
Let me know if you guys have any questions;
I will be more than happy to help.
Good luck, and thank you.
Trade closed: target reached
Scenario two took place.Note
Here is a quick fresh update:
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