Bitcoin reached the target we previously predicted (see idea below)
But what are the scenarios facing Bitcoin at this stage?
There are two scenarios for Bitcoin at this stage.
1-The first scenario is the respect of Bitcoin to the previous support area in the Point and Figure and RENKO charts.
Bitcoin may have respect for this support range. The reasons for this can be seen in the candlestick chart.
The dynamic RSI oscillator has entered the oversold area and the wave trend indicator is located on the middle support of the channel.
2-The second scenario is determined by the volume profile and momentum oscillators in the monthly time frame.
Bitcoin's volume profile has a small trading volume in this area (40500) and will not be able to create the accumulation area needed to reverse the trend.
In fact, the next POC area looks like $ 34,700, and Bitcoin is likely to create its next Lateral movement area around this price. (29700 - 40500)
But the next important issue is that with the breaking down of support at 40,500 in the monthly time frame, the trend wave oscillator will leave the overbought area, which can be an important signal for the continuation of the downward trend in the future.
There are two scenarios for Bitcoin at this stage.
1-The first scenario is the respect of Bitcoin to the previous support area in the Point and Figure and RENKO charts.
2-The second scenario is determined by the volume profile and momentum oscillators in the monthly time frame.
In fact, the next POC area looks like $ 34,700, and Bitcoin is likely to create its next Lateral movement area around this price. (29700 - 40500)