Bitcoin ($BTC): Daily Chart Technical Analysis
Updated
Hello everyone!
Perhaps in near term, the bulls will still have the upper hand and could drive many retailers into margin call exposure, thus managing to close out their long positions, but after that, I expect a major corrective structure. The expected rally that we have been following in recent weeks (see chart below), may need at least a consolidation, leaving the door open for the Sellers (short-term). In many cases like this, the corrective structure develops two strong bearish legs and one corrective leg (ABC pattern), and many of levels shown on daily chart can also be found in the latest analyses. During the last few months I have noticed that macro-economic news, especially on the inflation side, have an important influence, perhaps because since bitcoin has existed we have never seen such a particular geo-political and macro-economic context (war and inflation in primis). What will I do this week? Well, thanks to the contribution of my supporters, I will go looking for continuation patterns or reversal patterns on minor time frame, but above all I will keep an eye open on Altcoin opportunities (not only on my channel, but also here on TradingView we are following some Interesting trades about altcoins).
THE RALLY ...
(Click and Play Cgart below)
💥Bitcoin : Support area approach in short term
WEEKLY ANALYSIS
(Click and Play Chart below)
INTARADAY ANALYSIS
(Click and Play Chart below)
Bitcoin (
BTC) Corrective structure in short term? We'll see...
...and you, do you have any different ideas? Let me know in the comments!
...trade with care! 💖
Cheers!
Perhaps in near term, the bulls will still have the upper hand and could drive many retailers into margin call exposure, thus managing to close out their long positions, but after that, I expect a major corrective structure. The expected rally that we have been following in recent weeks (see chart below), may need at least a consolidation, leaving the door open for the Sellers (short-term). In many cases like this, the corrective structure develops two strong bearish legs and one corrective leg (ABC pattern), and many of levels shown on daily chart can also be found in the latest analyses. During the last few months I have noticed that macro-economic news, especially on the inflation side, have an important influence, perhaps because since bitcoin has existed we have never seen such a particular geo-political and macro-economic context (war and inflation in primis). What will I do this week? Well, thanks to the contribution of my supporters, I will go looking for continuation patterns or reversal patterns on minor time frame, but above all I will keep an eye open on Altcoin opportunities (not only on my channel, but also here on TradingView we are following some Interesting trades about altcoins).
THE RALLY ...
(Click and Play Cgart below)
💥Bitcoin : Support area approach in short term
WEEKLY ANALYSIS
(Click and Play Chart below)
INTARADAY ANALYSIS
(Click and Play Chart below)
Bitcoin (
BTC) Corrective structure in short term? We'll see......and you, do you have any different ideas? Let me know in the comments!
...trade with care! 💖
Cheers!
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intraday updates...Note
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...will Bitcoin be able to reach our second level?Note
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