MAJOR SUPPORT LEVELS IN PLAY ⟶ CAN #BITCOIN RECOVER?
#Bitcoin Analysis Summary
1-Hour Time-Frame ⏰📊
After the drop we predicted for #Bitcoin in the previous post, which hit the second target 📉🎯, we’ve now reached an important zone with a high concentration of support levels.
This support includes the bottom of the bullish double channel, the monthly support at 60774.50, and the final target of this week’s drop for #Bitcoin.
As a result, there’s potential for a rebound from this zone due to the strong support 🛡️📈.
Condition for forming a bottom and starting the bullish move:
Breaking the bearish channel on the 1-hour time-frame 📉➡️📈.
Second growth scenario:
If the bearish channel is not broken at this time, there’s a chance of another drop forming a falling wedge pattern or a bullish divergence based on the MACD indicator 🔻📉.
In this case, Bitcoin is expected to drop to the support range of 58495.98-59269.64 🛡️ (which corresponds to the mid-line of the weekly bearish channel mentioned in previous analyses), and from there, it may form a bottom and rise 📈.
Final growth target for #Bitcoin:
The range of 64879.59-65666.77, which aligns with the bearish trendline of the recent decline 📊⬆️.
Growth can only continue if #Bitcoin breaks this bearish trendline on the 1-hour time-frame🔄
If this happens, the rise may continue towards 69033 and 74739 💹📈.
1-Hour Time-Frame ⏰📊
After the drop we predicted for #Bitcoin in the previous post, which hit the second target 📉🎯, we’ve now reached an important zone with a high concentration of support levels.
This support includes the bottom of the bullish double channel, the monthly support at 60774.50, and the final target of this week’s drop for #Bitcoin.
As a result, there’s potential for a rebound from this zone due to the strong support 🛡️📈.
Condition for forming a bottom and starting the bullish move:
Breaking the bearish channel on the 1-hour time-frame 📉➡️📈.
Second growth scenario:
If the bearish channel is not broken at this time, there’s a chance of another drop forming a falling wedge pattern or a bullish divergence based on the MACD indicator 🔻📉.
In this case, Bitcoin is expected to drop to the support range of 58495.98-59269.64 🛡️ (which corresponds to the mid-line of the weekly bearish channel mentioned in previous analyses), and from there, it may form a bottom and rise 📈.
Final growth target for #Bitcoin:
The range of 64879.59-65666.77, which aligns with the bearish trendline of the recent decline 📊⬆️.
Growth can only continue if #Bitcoin breaks this bearish trendline on the 1-hour time-frame🔄
If this happens, the rise may continue towards 69033 and 74739 💹📈.
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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.
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.