1. The price sticked to the support area between $28 000 - 30 000. We can see the consolidation BEFORE a new movement. 2. RSI and MACD show us the market potential to move upward. And it makes sense as the previous dump should be corrected. 3. The price reversal from the support and a false breakout below will provide the bullish signal. We should be ready to see the upward movement toward MAs and the downtrend line. 4. A breakout below the support will give a strong bearish signal with the main target around $20 000. For this, we just need to see the bearish pressure in the Stock market or bearish news. 5. From my point, we don’t have bullish factors which would reverse the bearish trend. I think we have everything to continue the bearish trend in the borders of the descending price channel.
its currently trading sideways in price channel between 28700-30700 on 4h chart i have made several profitable trades there by opening longs near the bottom and shorts near the top and setting stop loss slightly below or above the channel accordingly. in the last few ups and downs i have noticed that lows are slightly higher and highs are slightly lower. so the price is consolidating. based on wyckoff method i would say since the price is consolidating and not being volatile - this is bearish continuation pattern not price reversal so i think there is higher chance we will break lower.
Nearsighted
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I think that's a simple but very logical analysis of the situation. The range is getting tighter and inevitably there will be a significant movement up or down. if it's up, that trend line is the likely top. it's not over yet. The bottom hasn't been validated and like you said all it will take is some more bad news to be the catalyst for another fall. There are a ton of buyer's out there with lower targets. once we start seeing those we'll see some action.
thomasZzzyd
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Whats your view up till next week foms meeting? 2 basispoint increase, and more to come, with lagging indicators soon kicking in also that might fuel the bear market down further.
Rad1986
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i remember the day... 6 months ago i said BTC will drop under 30k and every body including you refused me... 😏now it's the day...
sepehr13n79
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please dont analyze anymore !!!
SwallowPremium
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Nice! Looking forward
Ar4d
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but RSI and MACD can't move price upward, just 💰 can it. anyone really want to pay money's for BTC...
cd_kagaya
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agree with you, thanks
StephBour
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thanks for the analysis, so lets wait and see what will unfold