Hello, dear TradingView members. This idea is a Bitcoin analysis for the Bulls.
It has been around 2 months since Bitcoin's price is descending, which is new to the history of cryptocurrency. I think Bitcoin should go down to fill the gaps for a better and healthier market and more substantial ascending moves.
Yesterday I posted a chart about Bitcoin's dominance and how the market liquidity is entering Bitcoin while Bitcoin is sitting on support in the 28K area. Here is the post:
While posting that chart, I realized the EMA 200-Week is right where the price is after, and this is the first time this has happened since 2020. It can hint that the market might reverse its move to a new ascending channel.
I have checked other indicators as well. For example, RSI shows that the market is around the oversold area. Not oversold, but close to it. This is a bullish hint!
Another indicator is the Bollinger Bands. Look at the chart; you can see that the lower Bollinger Band now has a tie with our price candle. This also is a bullish hint!
Now let's say this idea is correct and accurate. I have set three resistance levels on the chart in three different colors based on their strength. Those levels can be counted as our targets in a bullish scenario.
Let me know if you guys have any questions; I will be more than happy to help.
Good luck, and thank you.
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Update: Even though Bitcoin is not that bullish anymore and it has crossed the EMA 200-Week, we need more confirmations. Here is an update on this chart, about what would happen in a bearish scenario:
Thanks for publishing this. though the bitcoin fear factor rightnow is just too high and so many negative talks are taking people off crypto. I just discovered Binance will pause BTC withdrawals because of too many logged transactions for withdrawals