Dot Trend Depending on the Bitcoin movement, as in other sub-coins, seems to have completed a harmonic pattern and consolidated in the monthly period.
When we look at the supply zones, I can say that when the upward trend starts in the monthly period, the first sales reaction is expected at $ 13 levels.
When there is a pullback and a downward breakout, when we measure the fibonacci channel as a guide, $6 is seen as major support.
I think a harmonic pattern is formed in the weekly period. This can be in a fractal pattern. There is also the possibility that the main pattern is a fractal that forms the A leg. In this case, fibonacci 1.13 and 1.618 are the levels we should pay attention to.
Even if you do not understand technical analysis, be sure to consider the previous accumulation regions in your investments. Because what we call support or resistance are actually commercial psychological reactions that correspond to these supply zones.
Then, respectively, the 2.618 and 3.618 fibonacci levels of the harmonic pattern in question again correspond to the supply zones of the past periods.
When we look at the indicator data, I think that the cmf gives an angular negative signal. This could mean that there may be a pullback in prices.
When we examine it through Aroon, I believe that there are undecided buyers and sellers. I see that there is no competition between the buyer and the seller. Aroon Up and Down are moving at a downward angle.
Although Adx shows that the downtrend is weakening, I don't think there is a signal that a new trend has started yet or that the downtrend is over...
In the daily period, if I am not mistaken, we see the Head and shoulders formation.
According to this pattern, if there is a pullback in prices, it may suggest that the price will fall to 5.70. You should also consider this possibility as the price level it points to is also compatible with the previous supply zone.
Note: this is not investment advice.
