Bitcoin trend analysis 🐋
Updated
BTCUSDT
Bitcoin has been able to record 4 strong bullish candlesticks consecutively in the monthly time frame, which can be a warning for a correction.
In the weekly time, after a good rally last week, it is possible to register a base candle that this week's candle is still trying to break the ceiling or floor of this candle, i.e. the price area (40222 - 43804).
According to the trend of suffering that has formed in the daily time frame in the base area, we expect correction up to the area of 40222. But the important thing is the valid failure of the base zone specified in the weekly time, which, considering the remaining time for the closing of this candle, may be able to determine the fate of the market for the next day.
If the bottom of the base area is broken, the future targets can be the price of 36400 and 30000, and if it crosses the base of the important supply area, the price is 47980. We expect a good correction after the price hits this area.
In the lower times, we see the twin ceiling pattern, which, if confirmed and validly broken, can be a strong evidence for validly breaking the floor of the weekly base area and moving up to the announced targets.
Bitcoin has been able to record 4 strong bullish candlesticks consecutively in the monthly time frame, which can be a warning for a correction.
In the weekly time, after a good rally last week, it is possible to register a base candle that this week's candle is still trying to break the ceiling or floor of this candle, i.e. the price area (40222 - 43804).
According to the trend of suffering that has formed in the daily time frame in the base area, we expect correction up to the area of 40222. But the important thing is the valid failure of the base zone specified in the weekly time, which, considering the remaining time for the closing of this candle, may be able to determine the fate of the market for the next day.
If the bottom of the base area is broken, the future targets can be the price of 36400 and 30000, and if it crosses the base of the important supply area, the price is 47980. We expect a good correction after the price hits this area.
In the lower times, we see the twin ceiling pattern, which, if confirmed and validly broken, can be a strong evidence for validly breaking the floor of the weekly base area and moving up to the announced targets.
Comment
The downside scenario is more likely to be realized
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.