BTC TF-H4 technical analysis
Today on 30.07.2022, the price at which bitcoin is traded is 24572 USD. Approximately 6 weeks the price action is in a period of consolidation that is between the quotas;
* 21606 USD upper limit ( supply zone )
&
* 17599 USD lower limit ( demand zone )
We also have an elliott wave sequence with three impulsive waves and 2 completed berish corrective waves.
The initial cause was the redistribution consolidation area between the quotas with;
* 45843 USD upper limit ( supply zone )
&
* USD 33100 lower limit ( demand zone )
Conclusion
The general sentiment is predominantly depreciating.
But the consolidation area between the quotas
* 21606 USD upper limit ( supply zone )
&
* 17599 USD lower limit ( demand zone ), plays a crucial role that can bring about a change in the direction of depreciation.
From the point of view of logical wyckoff analysis, on TF-H1 we are in a consolidation sequence after a depreciation trend with the formation of the cause that passed from phase A with the change of character from the down trend in a consolidation structure and transition to phase B of the campaign.
It remains to be seen whether this campaign is one of accumulation that will have an implication of appreciation or redistribution that will have an implication of depreciation of the Bitcoin asset.
Update
we have confirmation that the consolidation sequence is of accumulation type, the demand exceeds the supply, appreciation implication!
Today on 30.07.2022, the price at which bitcoin is traded is 24572 USD. Approximately 6 weeks the price action is in a period of consolidation that is between the quotas;
* 21606 USD upper limit ( supply zone )
&
* 17599 USD lower limit ( demand zone )
We also have an elliott wave sequence with three impulsive waves and 2 completed berish corrective waves.
The initial cause was the redistribution consolidation area between the quotas with;
* 45843 USD upper limit ( supply zone )
&
* USD 33100 lower limit ( demand zone )
Conclusion
The general sentiment is predominantly depreciating.
But the consolidation area between the quotas
* 21606 USD upper limit ( supply zone )
&
* 17599 USD lower limit ( demand zone ), plays a crucial role that can bring about a change in the direction of depreciation.
From the point of view of logical wyckoff analysis, on TF-H1 we are in a consolidation sequence after a depreciation trend with the formation of the cause that passed from phase A with the change of character from the down trend in a consolidation structure and transition to phase B of the campaign.
It remains to be seen whether this campaign is one of accumulation that will have an implication of appreciation or redistribution that will have an implication of depreciation of the Bitcoin asset.
Update
we have confirmation that the consolidation sequence is of accumulation type, the demand exceeds the supply, appreciation implication!