Hi friends Arztoday⚡
As you can see, Bitcoin easily broke the bottom of its ascending green channel with a long red candlestick. It also fell to the $16,250 range last night. The long shadow formed at this level is called Stop Hunting.
Stop hunting occurs when a trader has entered a trade and has set his limit, after some time the price has reached the limit and activates it and exits the trader from the trade. Then the price movement is reversed and goes in the direction of the trader's analytical process.
Currently, in the 4-hour time frame, the price is trading in the range of $16,800; There are 2 possible scenarios for the price of Bitcoin.
In the first scenario, buyers raise the price to the range of $17,300 to $17,550, and sellers take over the market again and bring it down to the support area of $16,000 to $15,500.
The second scenario is that if the buyers are not able to raise the price, if the buyers are weak, the sellers will take over the market and lower the price to the support range of $16,000 to $15,500.
Bitcoin has entered its downward trend (CHOCH) in the 4-hour time frame, according to this, the occurrence of these two downward scenarios is the most likely to occur.
The RSI indicator is also in a good range, its number is 48.27.
Arztoday Team 💙
Analyzer ✍: AR.Rashidi
As you can see, Bitcoin easily broke the bottom of its ascending green channel with a long red candlestick. It also fell to the $16,250 range last night. The long shadow formed at this level is called Stop Hunting.
Stop hunting occurs when a trader has entered a trade and has set his limit, after some time the price has reached the limit and activates it and exits the trader from the trade. Then the price movement is reversed and goes in the direction of the trader's analytical process.
Currently, in the 4-hour time frame, the price is trading in the range of $16,800; There are 2 possible scenarios for the price of Bitcoin.
In the first scenario, buyers raise the price to the range of $17,300 to $17,550, and sellers take over the market again and bring it down to the support area of $16,000 to $15,500.
The second scenario is that if the buyers are not able to raise the price, if the buyers are weak, the sellers will take over the market and lower the price to the support range of $16,000 to $15,500.
Bitcoin has entered its downward trend (CHOCH) in the 4-hour time frame, according to this, the occurrence of these two downward scenarios is the most likely to occur.
The RSI indicator is also in a good range, its number is 48.27.
Arztoday Team 💙
Analyzer ✍: AR.Rashidi
