BTC - why is the situation very tense?
Updated
Today is a very important day. In one hour's time, the monthly candle will close. It is very important that bitcoin closes above the $58,740 level. So far the price is below that level and that is not good from technical analysis view.
If bitcoin closes above the level, it will be a very bullish signal to continue rising as it will then test past highs as support.
Even if the bitcoin closes below that level, it is very important that the next month closes higher, which would be a double false breakout (a very bullish pattern). In those cases, bitcoin will quickly reach 100k.
On smaller timeframes, it is worth noting that the big players collected liquidity with a false breakout of the low of $53,433.
The price is now near the trend line, in case of a breakout and a close above, the price could reach the marked resistance level. But if the month closes poorly, the probability of continued declines increases.
As a reminder, we are trading solely on the signals of our trading indicators and all indicators are now out of the market. At the moment we are waiting for signals to enter the market.
💚Like us, subscribe and write the name of the coin you want us to analyze.
If bitcoin closes above the level, it will be a very bullish signal to continue rising as it will then test past highs as support.
Even if the bitcoin closes below that level, it is very important that the next month closes higher, which would be a double false breakout (a very bullish pattern). In those cases, bitcoin will quickly reach 100k.
On smaller timeframes, it is worth noting that the big players collected liquidity with a false breakout of the low of $53,433.
The price is now near the trend line, in case of a breakout and a close above, the price could reach the marked resistance level. But if the month closes poorly, the probability of continued declines increases.
As a reminder, we are trading solely on the signals of our trading indicators and all indicators are now out of the market. At the moment we are waiting for signals to enter the market.
💚Like us, subscribe and write the name of the coin you want us to analyze.
Note
Related publications
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.