***VERY IMPORTANT BITCOIN UPDATE***!!! RED ALERT!!!
Hello folks and welcome to this 'RED ALERT' BTC update on a daily timeframe.
If you haven't click the 'follow' button then do it right away. Make sure you read this analysis thoroughly.
As you all know that BTC did exceptionally well after the sudden fall from $52900. Everybody in the market (including myself) showed the bullish scenarios for BTC which was a good thing.
But is BTC really bullish?
To answer this question, let us observe the chart carefully.
Bitcoin is forming a bearish divergence in the daily timeframe which is not a bullish sign at all. In Feb 2021, BTC formed a bearish divergence, and in May 2021, BTC dropped and fall almost -52%. It took exactly 3 months, where the market was creating a hype that BTC will break its ATH but it turned out totally opposite.
Now, we are here again with the same bearish divergence. July 2021 is the month when this bearish divergence formed and after its formation, this is the 3rd month running. So, you guys are smart enough to guess what could possibly happen next.
Ok, so, if BTC tends to fall again then what will be the possible exit plan?
Well, according to the chart, BTC should hit the $50k mark once again, and then we may see the dump. But if the market shows some bearish sign then we have to deal with it. However, on the other hand, if BTC breaks above the $52k resistance then it will be a completely different story.
Currently, BTC is making a move above the 21 MA (this is exactly what happened in May 2021).
The important areas we need to observe as per the daily chart are:-
1. BTC bearish divergence.
2. 21 MA & 50MA bearish crossover.
3. BTC reaching the $52k resistance.
I seriously don't want BTC to go bearish rather I want BTC to break the ATH but we all need to face the reality. In my honest opinion, after observing the chart, I am biased towards the bearish side of the market. I may be wrong on this and my chart may get invalid but I am aware of both the bullish and bearish scenarios of the market.
If you find this T.A useful and worth it then do like and share it with your known people.
What do you think about the BTC price action? Is BTC gonna reach its ATH or is it another trap?
Share your opinion in the comment box.
Trade safe.
If you haven't click the 'follow' button then do it right away. Make sure you read this analysis thoroughly.
As you all know that BTC did exceptionally well after the sudden fall from $52900. Everybody in the market (including myself) showed the bullish scenarios for BTC which was a good thing.
But is BTC really bullish?
To answer this question, let us observe the chart carefully.
Bitcoin is forming a bearish divergence in the daily timeframe which is not a bullish sign at all. In Feb 2021, BTC formed a bearish divergence, and in May 2021, BTC dropped and fall almost -52%. It took exactly 3 months, where the market was creating a hype that BTC will break its ATH but it turned out totally opposite.
Now, we are here again with the same bearish divergence. July 2021 is the month when this bearish divergence formed and after its formation, this is the 3rd month running. So, you guys are smart enough to guess what could possibly happen next.
Ok, so, if BTC tends to fall again then what will be the possible exit plan?
Well, according to the chart, BTC should hit the $50k mark once again, and then we may see the dump. But if the market shows some bearish sign then we have to deal with it. However, on the other hand, if BTC breaks above the $52k resistance then it will be a completely different story.
Currently, BTC is making a move above the 21 MA (this is exactly what happened in May 2021).
The important areas we need to observe as per the daily chart are:-
1. BTC bearish divergence.
2. 21 MA & 50MA bearish crossover.
3. BTC reaching the $52k resistance.
I seriously don't want BTC to go bearish rather I want BTC to break the ATH but we all need to face the reality. In my honest opinion, after observing the chart, I am biased towards the bearish side of the market. I may be wrong on this and my chart may get invalid but I am aware of both the bullish and bearish scenarios of the market.
If you find this T.A useful and worth it then do like and share it with your known people.
What do you think about the BTC price action? Is BTC gonna reach its ATH or is it another trap?
Share your opinion in the comment box.
Trade safe.
Comment:
Warned you about the fall guys. I hope you guys are safe with your trades.
