Trading suggestion:
". There is a possibility of temporary retracement to the suggested support line (42470.00).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. BTCUSD is in a range bound, and the beginning of an uptrend is expected.
. The price is below the 21-Day WEMA, which acts as a...
This is not a financial Advise. Trade with your own risk. This is only Technical analysis according to my knowledge.
According to my analysis if btc retested successfully the marked trendline there is a high probability of a good pump. if it comes below the trendline then there should be more sideways movement of btc in the marked triangle for a next further...
BTC is trading around the 40000 crucial demand zone. It has taken support at these levels before , now also it is taken support and can make a double bottom pattern again for reversal. Levels are marked on the chart.
Overview: This is a day trading Indictor works using support & resistance and market trend, it is designed for all type of markets (crypto, forex, stock etc.) and works on all commonly used timeframes (preferably on 1H, 4H Candles).
How it works:
Core logic behind this indicator is to finding the Support and Resistance , we find the Lower High (LH) and Higher Low...
Strong downtrend since Nov 2021 within Falling Wedge Pattern.
Presently at long-term Trendline support and local support near 41K but 0.786 Fib and Pivot Point S1 supports only at 39K and 37K.
Breakout of the Falling Wedge needed to turn BTC bullish. Possible long-wick retracements till 37K and 39K still possible before Trend Reversal can be confirmed.
Have been following quite closely recently, seems to me like 41500$ is a very strong support - been tested several time and rejected. We might see some rejection again at 43k level, stabilise there, consolidate for a bit.
With macro recovering (dollar slipped but just rebounded) - I do believe we are back on tracks!
As per my previous post
Btc is following my analysis properly and it is falling after the breakdown
This makes it clear that crypto marlet is not ready for growth yet.
I shorted eth after this breakdown.
I won't consider long positions for a while now
If BTC break this trend line and follow this pattern then we see BTC $52K +. But I do not sure to say that, so analyzing yourself and keep on eye Total Marketcap.
