Bitcoin on CME daily chart shows price in a bullish reversal channel.
It is on track to meet the downtrend line between $22K to $26K by the 7th of September to the 3rd of October to try to break up.
The chance of breaking this trendline is less than the chance of failing and continuing to fall,
but it can happen. If we follow the path of inertia we can go...
Bitcoin
Structure:
Price currently took support at Multi-Year Demand Zone in Weekly Time Frame
Moving Averages - 150 MA :
Price is a little above 150 MA shows some good signs in the crypto market, If the price falls below 150 MA then the trend is completely bearish mood till 20K$
Expectation/Probability:
Price can reverse from the current level till 46k$ or...
Bitcoin is trading at a crucial level. A reversal may come but if fails to sustained at this level then 5957 level may see .
For learning purposes only.
Bitcoin is still looking bearish but good thing is that it is still holding multi-year support level. As per the graph it looks like BTC will hit 16k but as per my analytical knowledge it will not go down below 17k. let's see.
Bitcoin
$20800 ---- $22400 imp level
As per my personal view we will be at $ 11600 ---- $ 12300 within( Aug --- Oct ) 2022
If this above level breaks than final hold will be $ 8300
Bitcoin/USD may have completed its cycle of one wave
up and one wave down.
Now the time for reversal anytime soon.
We can wait till the .786 is reached as we already have
completed the .618 level and are below that level.
Good investment opportunity may knock your door.
Regards
Bitcoin ranging for some days creating too much liquidity in the market...so i spotted the last ssl on h1 refine my entry order block on m15 using the fibo took the 50% of the order....
bitcoin making inverse head and shoulder near support on lower time frame. keep in watchlist for neckline breakout.
inverse head and shoulder
entry : above neckline
sl : shoulder low
target 1: height of shoulder
target 2 height of neckline to head
