Hello friends, today I am completing a technical analysis on the 1D linear scale chart for Bitcoin ( BTCUSD ), a cryptocurrency. Please review the chart and analysis below carefully as there are many trendlines and indicators noted.
#CryptoPickk notes the following:
1) The Bitcoin price has been in a rising wedge pattern since the end of 2020 around the period when the Bull Run started. 2) Recently, the price formed an All Time High and has been correcting since that point. This has also created a Double Top Pattern (bearish) as well. 3) In the chart are two support trendlines as well as two support areas where the price will hopefully bounce. If BOTH support areas are lost, the price has the potential to get back down to the sub-30K levels. This would also show a breakdown from the rising wedge pattern, with possibility to take a steep fall to sub 5K levels. 4) There is a multi-month Bearish Divergence as well with the Price showing HIGHER HIGH and RSI (relative strength index) showing LOWER HIGH. 5) The two support areas are key for Bitcoin to rebound and make a new All Time High and hopefully break the wedge pattern upwards. 6) The analysis may show BEARISH signs, but you need to consider many other factors including traditional markets (SPY, and others), commodity prices (Gold, Silver, and others), interest rates and inflation, Bitcoin Dominance, Crypto Market Caps, and much more. 7) Everyone wants to see higher prices, but being realistic is key when trading and investing.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
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Wow, my BTC idea is still in motion. Posted this a month ago almost. Just listen to me once in a while :)
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Still in motion.
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It was interesting to read the narrative I wrote where I talked about various bearish signals in crypto and traditional markets. In Dec 2021. Think of what you could have done in Dec 2021 when BTC was in the 50K range. Focus on real analysis and not on HOPIUM!