ShawnMCR

πŸ” Bitcoin and the downtrend channel ! What's next?

BITTREX:BTCUSDT   Bitcoin / Tether
Hello, dear TradingView members .
This idea is a Bitcoin analysis.

Bitcoin is moving in the range of a downtrend channel .
Our support was the 20K and the 17K area. This support zone is still holding the price up but lets us see what can happen in case of more pumps or dumps.
As you can see on the chart, there are a few support and resistance levels, both dynamic and static, which will tell us where the next stops are.

RSI is moving above 25, which is Neutral and not oversold. Meaning there is room for going down or up based on the market volumes.

Ichimoku Clouds are red and vast, hinting at a bearish trend .

The Bollinger Bands are also vast, and the price is pushing down on the Lower Band without turning the market into an oversold situation.

The support levels:

Local Support
This level was considered the required level we had to reach to do the correction and fill the gap.
The market volumes now show that it might not hold!

The next level of support
It can be considered our solid resistance for now.
Many indicators point to that direction for our next support in case more market falls.

Lower Band
This dynamic level is holding
a potent source of support.


The resistance levels:

Local Resistance
Getting rejected by
this level can cause a massive fall

Solid Resistance
Long shot! It might take months until we can go back to retest that area once again.

Middle Band
Consider this level as resistance now that the price is moving below it.

Upper Band
Dynamic resistance level , which is very strong

For now, consider this market 'Bearish!'


Let me know if you guys have any questions;
I will be more than happy to help.

Good luck, and thank you.
Trade active: Updated:
What will happen next? Up or Down? Read here:


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