BTC Bitcoin: 1D Chart Update

Hello friends, today you can review the technical analysis idea on a 1D linear scale chart for the Bitcoin (BTC).

The chart is self-explanatory. The price has two potentials from the Support and Resistance Trend Line which is in confluence with the VPVR (Volume Profile). Volume overall is low and Ichimoku Cloud shows a red cloud upcoming (resistance). Lastly, zooming out, you can see a Double Top Formation and a Rising Wedge Pattern, which are both bearish. The RSI and Stoch RSI look like they are coming back down. MFI shows money exiting after the recent small pump. The Death Cross (50 simple moving average crossing 200 simple moving average) recently occurred on the 1D timeframe. The $39K-$42K area is a very important area to keep an eye on.

Shown in the chart: Trend line, Relative Strength Index, Stochastic RSI, Money Flow Index, Ichimoku Cloud, Support and Resistance Line, Death Cross, Simple Moving Average, Volume, Volume Profile, Rising Wedge Pattern, Double Top Formation.

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

Comment:

There still may be a chance for the price to come back above the support line to get back above it or re-test before falling lower. Keep a close eye on it.

Comment:

this aged well!