hey check this chart. i was tracking this from long time. and i want to give you some update with the help of this chart.
please dont forget to follow me for some more interesting technical analysis.
Decoding Bitcoin: Weekly Time Frame - Descending Channel Pattern
Bitcoin has been trading within a Descending Channel Pattern since February 2021, presenting opportunities and challenges for traders based on technical analysis. Let's analyze each period from a technical perspective and consider their potential impact on future price movements.
Period: Feb 2021...
I can observe that BTCUSDT is undergoing a distribution phase and ther can be a great downfall if it is true, let's not take any long positions and even even if we do then either we enter in spreads or we enter hedged.
can be a great DISTRIBUTION
if you see btc is coming towards this zone which is $27600 short position are quite stable and less risky appear from there ,
this is not a financial advice
check link in bio
•We have a bullish cypher in play here. Within the harmonic category of patterns, the cypher is a reversal configuration.
•The cypher formation frequently occurs during a market trending period (HTF) and presents as a terminal move.
•Next is a trend reversal.
After breaking the trend line, it got a resistance from 46k level which is also a 38% fib retracement area. If we are breaking 40500 level, we may retest the trend line which is 34500-35000 level. it will be invalid if we get a closing above 47k.
A massive M pattern on monthly, and two massive head and shoulders on weekly. Supported by huge selling. If a miracle doesn't happen soon, BTC is going to 10000 next!!
The Analysis is based on personal Knowledge of technical analysis , Please Do Not Take It as a Financial Advice, And Always Do Your Own Research.
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A group of Bitcoin whale accounts, that were inactive since December 2018, suddenly woke up and bought thousands of Bitcoins over the weekend. According to BitInfoCharts, a website that labels Bitcoin addresses owned by cryptocurrency exchanges, the Whale addresses ranked 89 through 106, except the rank number 90. They bought 28,377 Bitcoins worth $841.85 million...
3 STRONG REASON OF ME BEING BULLISH ON BTC IS
1. THE TRIANGULAR PATTERN FORMATION AFTER A SMALL BEAR RUN
2. TREND LINE BEING RESPECTED HUGELY
3.INVESTORS ARE IN BULLISH MODE EVEN AFTER THE GREAT FALL
SO MY TARGET IS 75000$ BY MAX SEPT
WHO AM I TO TELL ALL THIS , JUST A NORMAL TRADER LIKE YOU GIVING MY OWN ANALYSIS !
SO I MIGHT BE WRONG OR MAY BE CORRECT BUT...
Here what I found interesting and not panic, even after BTC dumps. The reason is I have checked every time BTC deeps between 25% to 30% specifically within 7 to 10 days means it's preparing for the new HIGHS. So everyone is talking about 43K and 45K, What historical data/pattern shows that it will bounce and will touch a new high.
#HODL and #Believe
