Bitcoin, U.S. Dollar (BTCUSD)
the crypto giant has been trading to the downside most of the year 2022 and it seems the bearish run might be far from over.
on the weekly chart (yearly overview) price is trading at the $19k price areas which price found short-term support but failing to gain enough momentum to make a strong bullish run from the price region.
$19k is merely a psychological price level i was instead looking at raw price of @ 19892.00 which is a price of interest being a prev broken high, the market did fiddle around the price level but is currently trading below the level indicating signs of a possible continuation of the downside run.
connecting 2 valley wicks a trendline was put in place and currently price is trading below the bullish trendline but has not yet formed a full OHLC candlestick to indicate breakout.
if the weekly candle closes abov the trendline is might indicate a change in momentum to bullish and if the bullish momentum is strong enough to make price crossover $24k price areas higher price levels are to be expected.
but....
if price does break below the trendline it will be an indication that bearish momentum is still overly present and price regions of $12k are to be expected with the first pitstop at @ 13863.00 which is a level of interest and real targets at monthly demand CP @ 11655.00 which is also prev weekly supply not probably turned demand.
confirmation for the continued bearish run is to wait for clear break of trendline and retest of the $19k price areas which acted as support as now resistance.
supply and demand
put together by : Pako Phutietsile
presented by : @currencynerd
courtesy of : @TradingView , @currencynerd
liquidity is magnetic
the crypto giant has been trading to the downside most of the year 2022 and it seems the bearish run might be far from over.
on the weekly chart (yearly overview) price is trading at the $19k price areas which price found short-term support but failing to gain enough momentum to make a strong bullish run from the price region.
$19k is merely a psychological price level i was instead looking at raw price of @ 19892.00 which is a price of interest being a prev broken high, the market did fiddle around the price level but is currently trading below the level indicating signs of a possible continuation of the downside run.
connecting 2 valley wicks a trendline was put in place and currently price is trading below the bullish trendline but has not yet formed a full OHLC candlestick to indicate breakout.
if the weekly candle closes abov the trendline is might indicate a change in momentum to bullish and if the bullish momentum is strong enough to make price crossover $24k price areas higher price levels are to be expected.
but....
if price does break below the trendline it will be an indication that bearish momentum is still overly present and price regions of $12k are to be expected with the first pitstop at @ 13863.00 which is a level of interest and real targets at monthly demand CP @ 11655.00 which is also prev weekly supply not probably turned demand.
confirmation for the continued bearish run is to wait for clear break of trendline and retest of the $19k price areas which acted as support as now resistance.
supply and demand
put together by : Pako Phutietsile
presented by : @currencynerd
courtesy of : @TradingView , @currencynerd
liquidity is magnetic
