Has Bitcoin's last high been out already?
Updated
Hello Guys :D In my last analysis, I predicted further price increases for Bitcoin.
And, although the price fortunately succeeded in further rebounding, we would like to talk about the possibility of a price decline before the target price point.
Here's the situation.
According to the rsi indicator, a significant figure has been reached as a correction or a downtrend. Currently, rsi is at the top of the daily rebound point. (It should be noted that we are currently in a rebound after a decline.)
As before, we are thinking about a larger frame time candle and the possibility of further price declines on the rsi indicator. The points in the lows are very different from the previous lows, and I don't think it's a new trend that captured the lows.
According to the recent downtrend reversal trend, it was more influenced by the Fibonacci point of the important point rather than the exact Fibonacci point of the trend.
The trend reached price points near 0.786 on Fibonacci and around 0.236 on Fibonacci. ( around 24800 USD )
In addition, several indicators such as the 100-day moving average line and the Bollinger Bands have entered the overheating zone.
Putting these points together, and looking at the current candlelight situation, I would like to trade under the scenario that a high has already occurred.
A review of a short position at the current price is attractive enough. Even if it does not turn into a downtrend again, I think there is a very high chance that it will enter a correction phase now.
It is most important to support 22600 USD in order for the market to accept the current correction as a correction rather than a downtrend and achieve a price increase. This is a support point for the extension of the C wave, which is currently in progress as the main peak.
With 236 Fibonacci points at the 23k price point, the price does not decline in the near future, creating an additional bullish candle shape, and if the price succeeds, the short position is discarded and we will think about another price increase.
In this case, we will find a new high for the price through the trend Fibonacci and falling points above the rsi. Before that, you will continue to look at the market through this downward perspective, and when the scenario is activated, you will be able to take a short position for the long term and induce large profits.
Scenario activation point : 22,600 USD
Scenario Discard Point : 25,200 USD ( This is a recent high.)
If the scenario is activated, we will deal with a new, longer-term and specific downward-facing scenario.
Meow :~e
And, although the price fortunately succeeded in further rebounding, we would like to talk about the possibility of a price decline before the target price point.
Here's the situation.
According to the rsi indicator, a significant figure has been reached as a correction or a downtrend. Currently, rsi is at the top of the daily rebound point. (It should be noted that we are currently in a rebound after a decline.)
As before, we are thinking about a larger frame time candle and the possibility of further price declines on the rsi indicator. The points in the lows are very different from the previous lows, and I don't think it's a new trend that captured the lows.
According to the recent downtrend reversal trend, it was more influenced by the Fibonacci point of the important point rather than the exact Fibonacci point of the trend.
The trend reached price points near 0.786 on Fibonacci and around 0.236 on Fibonacci. ( around 24800 USD )
In addition, several indicators such as the 100-day moving average line and the Bollinger Bands have entered the overheating zone.
Putting these points together, and looking at the current candlelight situation, I would like to trade under the scenario that a high has already occurred.
A review of a short position at the current price is attractive enough. Even if it does not turn into a downtrend again, I think there is a very high chance that it will enter a correction phase now.
It is most important to support 22600 USD in order for the market to accept the current correction as a correction rather than a downtrend and achieve a price increase. This is a support point for the extension of the C wave, which is currently in progress as the main peak.
With 236 Fibonacci points at the 23k price point, the price does not decline in the near future, creating an additional bullish candle shape, and if the price succeeds, the short position is discarded and we will think about another price increase.
In this case, we will find a new high for the price through the trend Fibonacci and falling points above the rsi. Before that, you will continue to look at the market through this downward perspective, and when the scenario is activated, you will be able to take a short position for the long term and induce large profits.
Scenario activation point : 22,600 USD
Scenario Discard Point : 25,200 USD ( This is a recent high.)
If the scenario is activated, we will deal with a new, longer-term and specific downward-facing scenario.
Meow :~e
Note
25.9k ??
Trade active
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.