Hello everyone,
As i was showing on my last BTC USD analysis on the 28th of April, when the btc was at 54 k, i was saying that the price were showing sign of weakness and its market structure were forming a distribution pattern. I had 2 prices target, 36K USD and 30K USD that we both reached.
Since then, the price has been ranging between two zone, 41 K usd as resistance and the 28k usd zone as support.
Today, from a pure technical analysis we can say that there is a lot of bearish factors showing us that the price is about to break the support and visit some lower price range.
- The btc price has been testing the 30 k region of support 4 times, and every time the bounce from it has been creating some Lower highs. Telling us that the bulls are slowly loosing momentum and capitulating
- The fact that the price is going down slowly is showing us that this liquidity zone and the lower part of the range is being accepted and the bears are distributing on the back of those that are still buying the bottom. This distribution should lead to an acceleration of the downside momentum and increasing selling volumes once we break the support
- The increasing selling volume on every price full red candle are showing us that there is no market anomaly on this downside momentum and so we can say that this bear trend is about to continue
- On the psychological side of the market, we can see on the social media that there is still some people buying the bottom and holding their positions thinking that the fondamentals of their assets will lead them to bounce soon and re enter into a bull market. But the reality is far from that, the market tenants, or the "composite mans" as wickoff call them, are gonna push the market into irrational places in order to push those people sentiment into capitulation. Once there will be a lot a fear and blood on the street, an accumulation phase could finally take place. But judging from what i have seen on many media sources, we are far from this sentiment right now and so the market is not done with his downside trend.
The supports zone that i am looking at (blue zone)
- 22k and 24k region (not strong support)
-19k region
This is an unregulated market, were the volatility is extreme and the market cycles are very short compare to the traditional market. Those times of bear market are very interesting to work on an appropriate strategy to take advantage of the next bull run that time will bring. I am looking for an acceleration of the downside momentum with a climax selling volume and a market anomaly on the price and volume analysis. Then, if price start forming some accumulation market structure, it will be interesting to re enter strategicaly.
We have to be careful, "the market can be irrational longer that you can be solvent"
The content covered in this publication is NOT to be considered as investment advice.
Thank you all,
If you enjoyed this analysis please mark a thumbs up and do not hesitate to share your point of view in the comment section.
Have a Good day and Safe trade
Butterfly .D
/Metamorphose your portfolio
/
As i was showing on my last BTC USD analysis on the 28th of April, when the btc was at 54 k, i was saying that the price were showing sign of weakness and its market structure were forming a distribution pattern. I had 2 prices target, 36K USD and 30K USD that we both reached.
Since then, the price has been ranging between two zone, 41 K usd as resistance and the 28k usd zone as support.
Today, from a pure technical analysis we can say that there is a lot of bearish factors showing us that the price is about to break the support and visit some lower price range.
- The btc price has been testing the 30 k region of support 4 times, and every time the bounce from it has been creating some Lower highs. Telling us that the bulls are slowly loosing momentum and capitulating
- The fact that the price is going down slowly is showing us that this liquidity zone and the lower part of the range is being accepted and the bears are distributing on the back of those that are still buying the bottom. This distribution should lead to an acceleration of the downside momentum and increasing selling volumes once we break the support
- The increasing selling volume on every price full red candle are showing us that there is no market anomaly on this downside momentum and so we can say that this bear trend is about to continue
- On the psychological side of the market, we can see on the social media that there is still some people buying the bottom and holding their positions thinking that the fondamentals of their assets will lead them to bounce soon and re enter into a bull market. But the reality is far from that, the market tenants, or the "composite mans" as wickoff call them, are gonna push the market into irrational places in order to push those people sentiment into capitulation. Once there will be a lot a fear and blood on the street, an accumulation phase could finally take place. But judging from what i have seen on many media sources, we are far from this sentiment right now and so the market is not done with his downside trend.
The supports zone that i am looking at (blue zone)
- 22k and 24k region (not strong support)
-19k region
This is an unregulated market, were the volatility is extreme and the market cycles are very short compare to the traditional market. Those times of bear market are very interesting to work on an appropriate strategy to take advantage of the next bull run that time will bring. I am looking for an acceleration of the downside momentum with a climax selling volume and a market anomaly on the price and volume analysis. Then, if price start forming some accumulation market structure, it will be interesting to re enter strategicaly.
We have to be careful, "the market can be irrational longer that you can be solvent"
The content covered in this publication is NOT to be considered as investment advice.
Thank you all,
If you enjoyed this analysis please mark a thumbs up and do not hesitate to share your point of view in the comment section.
Have a Good day and Safe trade
Butterfly .D
/Metamorphose your portfolio
/
