Bitcoin's Life Cycle Part 2 : Bull or a Myth ?
In my previous post, I made it clear that Bitcoin had entered a downtrend, with an approximate target of $5K based on the data I analyzed within a 91-day timeframe.
In this second part, we can observe the continuation of the downtrend, as evidenced by significant price breaks below a strong support level indicated by the grey box on a 34-day timeframe chart.
For me, the rejection range lies between 41k and 62k. The confirmation point will be when the 2-day timeframe chart becomes overbought. Trade entry confirmation will only occur at a key breakout, and I will notify the precise entry point when it happens.
Your valuable feedback is appreciated, and I encourage you to follow and get updates for my daily ideas in the Forex market for the selected currency pairs that I prefer to trade.
Disclaimer : Please remember to consider the timeframe associated with each analysis to avoid any potential misinformation. It's important to note that all predictions I share are for my personal reference and educational purposes only. Any trades inspired by my ideas, whether posted earlier, today, or in the future, involve financial risk for which I will not be held accountable. Thank you for your understanding.
In this second part, we can observe the continuation of the downtrend, as evidenced by significant price breaks below a strong support level indicated by the grey box on a 34-day timeframe chart.
For me, the rejection range lies between 41k and 62k. The confirmation point will be when the 2-day timeframe chart becomes overbought. Trade entry confirmation will only occur at a key breakout, and I will notify the precise entry point when it happens.
Your valuable feedback is appreciated, and I encourage you to follow and get updates for my daily ideas in the Forex market for the selected currency pairs that I prefer to trade.
Disclaimer : Please remember to consider the timeframe associated with each analysis to avoid any potential misinformation. It's important to note that all predictions I share are for my personal reference and educational purposes only. Any trades inspired by my ideas, whether posted earlier, today, or in the future, involve financial risk for which I will not be held accountable. Thank you for your understanding.
According to this second theory, there is a significant supply zone on a three-day time frame that is likely to push the price down to 5k from its current point. The condition to enter the trade is for the price on the 336-minute chart to become overbought inside the red zone and then experience a key breakout at 29800, indicating a downward movement. This breakout also comes with some early targets. Once I observe this scenario unfolding, I will share those targets as well.