Welcome to this extensive Analysis on bitcoin 3 days Chart.
BTC is currently trading around 33k level at the time of writing this update. The weekly level still maintains the 50D WEMA which is a good sign for the Bulls. While everyone wants an answer whether BTC is going to 28k or 43k I would like to share with you something very important that we need to keep an eye on, Every time BTC starts a new rally we see a very sharp sweep to the downside to kick out all the weak hands. We haven't seen that since we broke the 52k level.
I believe that last sweep is still due. This could be anywhere between 23k to 28k level. I would buy a good chunk of BTC at those levels.
I just want you to realise the current trend is too bearish! Lack of volume, Breaking Support levels. No fundamental catalysts. Nothing but a series of FUD being posted everyday. Unless BTC breaks above the 42k level with good volume and a weekly close we can expect more consolidation in the coming weeks. We haven't seen much confirmations from the various important indicators too. Though MACD looks bullish in this chart but it could just divert in the very next candle close. You can't just rely on one pattern or indicator for confirmations.
Remember, only a weekly break and close above the 42k level confirms a new uptrend. Till then it's better to do small trades. Scalping is recommended if you know the basics of TA.
Do you agree with my analysis? What's your thought on this? If you like the information I shared here do hit the like button and share your views in the comment section.
Thank you
Stay safe
#PEACE
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BITCOIN UPDATE:- BTC looks weak. Seems like the long-awaited wick down is coming. What matters is whether this area holds or not. The very critical test for Bitcoin is to hold the blue area.
@Cryptorphic, you're welcome. Could you also do videos explaining too? This week is a crucial week for BTC.
Dexter_The_Trader
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So much information in a single chart. Appreciate your work, master.
Cryptorphic
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@dexterLem, Thanks Dexter
supestv
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supestv
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My analysis says we're going to the 17k-18k region. That's the convergence of the H+S pattern, the 200 weekly SMA, the end of wave 4, and long-term trend lines.