A bearish view on Bitcoin suggests a belief that the price of Bitcoin is likely to decrease or face a downturn in the future. It's important to note that the cryptocurrency market is highly speculative and influenced by various factors, so any predictions come with a degree of uncertainty. Here are some reasons someone might hold a bearish view on...
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Bitcoin's price today is US$30,001.65, with a 24-hour trading volume of $10.88 B. BTC is +0.41% in the last 24 hours. It is currently -4.42% from its 7-day all-time high of $31,388.55, and 0.96% from its 7-day all-time low of $29,717.09. BTC has a circulating supply of 19.44 M BTC and a max supply of 21 M BTC.
It's important to note that the behavior of the BTCUSD pair can be influenced by a wide range of factors such as global economic conditions, political developments, supply and demand, and market sentiment. Therefore, it's important to do your own research, analyze the market conditions, and consult with a qualified financial advisor before making any investment...
Here we had shared possible Elliot wave counts of BTCUSD bitcoin which are aligned from weekly to daily and daily to 4 hourly, so conviction is getting more stronger due to alignment of multi time frame's wave counts.
From the starting point of BTCUSD we had tried to plot wave counts and it's showing that we are now near to complete correction phase...
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On 4hr chart we can see the rise has rised above 80 which is the oversold region.
Whereas there is an orderblock or the High Demand area of 21000-21500 which is working as resistance for now.
Retracement is required for futher move as it is going in one direction.
Retracement is expected till 18000-18500 levels which is supply zone or support for now.
#BTC has currently trading at the red box resistance after a perfect bounce back from the yellow box support area.Since btc has the resistance level and we have bearish RSI on 4H TF ,therefore be careful with your trades as there could be rejection from the current resistance is possible until btc closes above the red box resistance area .
#BTC has perfectly bounced back from the yellow box support and is looking to test the red box resistance area again,if btc manages to close above the red box area then the pink box will be the next resistance for btc.Note that btc dump is still not over,in case btc loses the yelow box support area we will see dump again.
#BTC is now trading above the daily support after closing below the green box support area.The move not complete yet and btc might again test or close below the the green box support area and if btrc close below to the green box area we might see huge dump but for that move we have to wait fior the daily close.
#BTC is currently trading at the very bottom of the huge support level that is the purple box area and break below and close below this level could be huge for btc and the alts.Expecting huge swing moves below and on the current support level.Be careful with alts trades in btc and alts as well.
#BTC is still trading in the accumulation range in the green box area, red box is still a very strong resistance for BTC. We saw same volatile move in the red box area and in future we might see these kind of moves in the red box area resistance zone so again I wanted to remind you guys, do not trade in the green box range. Trade above the red box...