Bitcoin is moving in the form of an ascending channel.
With each time the previous high is broken in the recent upward wave, it has managed to record a new high, but each time the strength of the candles has decreased and the momentum of the candles has weakened.
A negative divergence is seen on the daily and weekly time frames.
Also, in the past two days, we have seen a very volatile market, but Bitcoin has not managed to record a new high.
In my opinion, a correction in Bitcoin at this stage is more likely than an increase.
If Bitcoin can break its previous high in the $109.800 range, it can also grow to the $121.300 range.
However, given the bearish signals, there is also a possibility of a price correction to the $94.500 range, and if this range is broken, the next step is the $86.200 range, which is of course unlikely to reach this price.
With each time the previous high is broken in the recent upward wave, it has managed to record a new high, but each time the strength of the candles has decreased and the momentum of the candles has weakened.
A negative divergence is seen on the daily and weekly time frames.
Also, in the past two days, we have seen a very volatile market, but Bitcoin has not managed to record a new high.
In my opinion, a correction in Bitcoin at this stage is more likely than an increase.
If Bitcoin can break its previous high in the $109.800 range, it can also grow to the $121.300 range.
However, given the bearish signals, there is also a possibility of a price correction to the $94.500 range, and if this range is broken, the next step is the $86.200 range, which is of course unlikely to reach this price.
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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.
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.