BTC Technical Analysis: Charting the Bullish and Bearish Waves
Amidst recent market developments, it is crucial to consider the sentiment surrounding BTC before delving into a technical analysis. News events such as the BlackRock ETF and Ripple winning a lawsuit against the SEC can influence market sentiment, either leaning towards a bullish or bearish outlook.
This technical analysis focuses on the daily timeframe, aiming to understand the current position of BTC and potential price movements in the coming days and weeks.
Observing the price action, we can identify a downtrend in BTC since April 22, 2022, following a rejection at the $40,655 level. The downtrend continued until a major support level was found at $15,445. A supportive Area of Interest (AOI) was established, ranging from $15,825 to $16,425, leading to a remarkable rally of over 100% in 230 days.
However, a sharp reversal or corrective move was witnessed around $31,068, resulting in a 20% correction within a span of 60 days.
Currently, BTC is in a previous trading range last seen in mid-May, with the range highlighted between $29,500 and $31,805. Within this range, a dashed line acts as resistance, while a reversal below becomes support, forming a rising channel. Notably, when considering lagging oscillators such as RSI, a potential bearish divergence can be observed and argued for.
Based on the analysis, the plan for BTC unfolds as follows:
If BTC can maintain its position above the $29,500 to $30,010 range, a potential movement towards $31,805 may be on the horizon, representing a 6% upswing from the current price in a matter of days or weeks.
Conversely, if BTC fails to break the resistance level or the rising resistance level of the channel, a movement towards the range of $29,500 to $28,300 becomes likely, signifying a 1.5% to 5.5% decrease from the current price.
In the event of a sell-off to these levels, there is potential for further downside, with the lower support around $26,500 being a possible target, equating to a 10% drop from the current price.
Regarding the sentiment, it is currently mixed with a bias towards a bearish price movement. Monitoring market dynamics and price action closely will be essential to adjust strategies accordingly.
It is important to note that technical analysis provides insights based on historical price data and indicators, but it does not guarantee future price movements. Comprehensive research, fundamental analysis, and risk management strategies are crucial components of making well-informed investment decisions.
Disclaimer: Cryptocurrency investments carry inherent risks, and it is crucial to exercise caution, seek professional advice, and make informed decisions based on your risk tolerance and financial goals.
This technical analysis focuses on the daily timeframe, aiming to understand the current position of BTC and potential price movements in the coming days and weeks.
Observing the price action, we can identify a downtrend in BTC since April 22, 2022, following a rejection at the $40,655 level. The downtrend continued until a major support level was found at $15,445. A supportive Area of Interest (AOI) was established, ranging from $15,825 to $16,425, leading to a remarkable rally of over 100% in 230 days.
However, a sharp reversal or corrective move was witnessed around $31,068, resulting in a 20% correction within a span of 60 days.
Currently, BTC is in a previous trading range last seen in mid-May, with the range highlighted between $29,500 and $31,805. Within this range, a dashed line acts as resistance, while a reversal below becomes support, forming a rising channel. Notably, when considering lagging oscillators such as RSI, a potential bearish divergence can be observed and argued for.
Based on the analysis, the plan for BTC unfolds as follows:
If BTC can maintain its position above the $29,500 to $30,010 range, a potential movement towards $31,805 may be on the horizon, representing a 6% upswing from the current price in a matter of days or weeks.
Conversely, if BTC fails to break the resistance level or the rising resistance level of the channel, a movement towards the range of $29,500 to $28,300 becomes likely, signifying a 1.5% to 5.5% decrease from the current price.
In the event of a sell-off to these levels, there is potential for further downside, with the lower support around $26,500 being a possible target, equating to a 10% drop from the current price.
Regarding the sentiment, it is currently mixed with a bias towards a bearish price movement. Monitoring market dynamics and price action closely will be essential to adjust strategies accordingly.
It is important to note that technical analysis provides insights based on historical price data and indicators, but it does not guarantee future price movements. Comprehensive research, fundamental analysis, and risk management strategies are crucial components of making well-informed investment decisions.
Disclaimer: Cryptocurrency investments carry inherent risks, and it is crucial to exercise caution, seek professional advice, and make informed decisions based on your risk tolerance and financial goals.
Trade closed: target reached:
Wow that sell off was next level.
Comment:
Up to date graph.
Comment:
Comment:
Aged Like Fine Wine. Had to pick the right moment to enter. Followed on 3H + 15M For Multiple days to time the entry just right.
Short Position:
45500
TP #1 HIT: 40500
TP#2 NOT HIT: 37077
Short Position:
45500
TP #1 HIT: 40500
TP#2 NOT HIT: 37077
Comment: