Bitcoin / TetherUSShort
BTC / USD (Interval 1D) Rising Wedge
I am sharing following points I have regarding current price movement of BTC.
Bearish Scenario
1. BTC broke through the rising wedge and I have marked the target based on rising wedge (NOT saying this would occur but just sharing the target of pattern)
2. We had a death-cross which means we are going towards long-term bearish trend which can last from 1-3 months maybe more.
3. Price is attempting to break 41.5k level so 40.5k level is conquered and once that happens then all hell will break loose.
Bullish Scenario
1. Bulls may allow bears to break 40.5k support to touch 39.5K once again which will create a double bottom which is a bullish pattern and if that plays out then we are looking back at 45K levels
2. Bulls may hold 40.5k level as a fort and buying force returns back and take BTC back to 45k level (Long shot highly unlikely)
3. I don't see any more bullish scenario except some miracle happens and we are back at 50k
Conclusion : Bears are way strong at the moment although I am not a bear nor my analysis is biased, I always look at all aspects on a chart and then come to a conclusion. Fundamentally BTC needs some sort of a catalyst to turn bullish but that too seems less likely because investors seem to be staying on a sidelines and playing it extra cautious.
Bearish Scenario
1. BTC broke through the rising wedge and I have marked the target based on rising wedge (NOT saying this would occur but just sharing the target of pattern)
2. We had a death-cross which means we are going towards long-term bearish trend which can last from 1-3 months maybe more.
3. Price is attempting to break 41.5k level so 40.5k level is conquered and once that happens then all hell will break loose.
Bullish Scenario
1. Bulls may allow bears to break 40.5k support to touch 39.5K once again which will create a double bottom which is a bullish pattern and if that plays out then we are looking back at 45K levels
2. Bulls may hold 40.5k level as a fort and buying force returns back and take BTC back to 45k level (Long shot highly unlikely)
3. I don't see any more bullish scenario except some miracle happens and we are back at 50k
Conclusion : Bears are way strong at the moment although I am not a bear nor my analysis is biased, I always look at all aspects on a chart and then come to a conclusion. Fundamentally BTC needs some sort of a catalyst to turn bullish but that too seems less likely because investors seem to be staying on a sidelines and playing it extra cautious.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
if you want to get daily future/spot calls, Join our Premium discord by clicking on the following link
discord.gg/v7xWC7XDpN
discord.gg/v7xWC7XDpN
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.