1-What's BTC market bias as of now?
-Price has formed (or 90% formed) an ascending wedge (red lines), which indicates a down movement possiblity.
-Price is near monthly support (63K zone). If price breaks it, it will continue downward. If it bounces back, it will go to the wedge's upper limit (mentioned in a).
-Volume (yellow line at the bottom) is decreasing; less and less money has been used to buy BTC. This indicates a lack of interest in the market which drives people to avoid it or use as little amount of money as possible. Usually, this ends up with the price moving downward.
-The volume profile of the market shows that since the start of the year, large amount of money was poured in when the BTC price was around 31K-40K. The next wave of money poured in was around 45K-50K, and last one when the price was around 54K-60K. The amount of money used decreased respectively (shown in the left side of the chart as horizontal bars). Again, this has the same conclusion as the point above.
*Conclusion: market bias >>> Down movement.
2-Where would the price go to in that case?
-The regions mentioned above (31K-40K/45K-50K/54K-60K) act as support levels and the price will most likely move to one of them starting from the nearest (54K-60K) and bounce back up. If price doesn't bounce up, it will go to the region below it. In case the price falls below 31K-40K region, we can expect a market crash.
-Price has formed (or 90% formed) an ascending wedge (red lines), which indicates a down movement possiblity.
-Price is near monthly support (63K zone). If price breaks it, it will continue downward. If it bounces back, it will go to the wedge's upper limit (mentioned in a).
-Volume (yellow line at the bottom) is decreasing; less and less money has been used to buy BTC. This indicates a lack of interest in the market which drives people to avoid it or use as little amount of money as possible. Usually, this ends up with the price moving downward.
-The volume profile of the market shows that since the start of the year, large amount of money was poured in when the BTC price was around 31K-40K. The next wave of money poured in was around 45K-50K, and last one when the price was around 54K-60K. The amount of money used decreased respectively (shown in the left side of the chart as horizontal bars). Again, this has the same conclusion as the point above.
*Conclusion: market bias >>> Down movement.
2-Where would the price go to in that case?
-The regions mentioned above (31K-40K/45K-50K/54K-60K) act as support levels and the price will most likely move to one of them starting from the nearest (54K-60K) and bounce back up. If price doesn't bounce up, it will go to the region below it. In case the price falls below 31K-40K region, we can expect a market crash.