Hi everyone, Today, I want to talk about Bitcoin analysis at Daily timeframe⏰, we want to specify that price can continue this trend or NOT, I am glad to see your ideas below my post, Thanks 💐🙏
Bitcoin Analyze ( BTCUSDT ) Timeframe Daily ⏰
As seen in the above chart, the daily downtrend line is based on two significant pivots (64,854$ and 59,500$) with three touches. After the third touch, the price crossed up this line, and also it crosses up line A of an Expanding triangle.
In the meanwhile, the price touches the SMA 200 for the second time. Since the Heavy resistance will not break with the first attempt, we could see that the price has reacted to this major resistance.
The SMA 200 is now within the resistance zone, making it difficult to cross up and see greater prices.
Therefore a correction would probably happen, which might be a pool back to the primary downtrend line. This area has a critical point which the bulls and bears will have to define the path for the price in the future; we may face two scenarios:
First: The price lost its support above the previous Downtrend resistance and came back below the mentioned down trendline to see lower prices.
Second: The support area (39,180$ to 40,480$), which is the cluster of fibs, with the support of SMA 100, works together to lead the price upward.
In addition, if you looked at the Fear and Greed Index, we saw amazing changes from Fear to Gread just in a few days=== this is Not a good sign and we have to BE CAREFUL==Emotional market 🤔😱😂💵😲
RSI: Finally, RSI was able to break the Downtrend line that it had started in Jan 2021 by Falling Wedge. Now Rsi is on OverBought Zone that in this zone we have strong resistance in front of RSI + RSI has made Bearish Deep Crab 🦀 (🎯Bearish Deep Crab's Target (First) 🎯=50).👇
Stochastic: we can see the end of the current movement on Stochastic 👇
My Suggestion: First, please Don't be FOMO, second if you have Bitcoin at this time and if you find signs for reverse around current price zone, you can close or sellyour Bitcoins and waiting for a pullback or even more dump until the 20k channel.
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy, this is just my idea, and I will be glad to see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends, Thanks, and Trade safe.
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Counting Waves🌊 Timeframe 1h⏰
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New Update, our counting waves was changed == Common❗️❗️❗️ Timeframe 15min⏰