BEARISH Analysis of the Chart: BEARISH BEARISH BEARISH... OUR PREDICTION IS STILL IN PLAY.
I will quit it when we break the previous high of 32K.
But here is why I am bearish... The 20-day moving average (MA), represented by the red line, is currently below both the 50-day MA (yellow line) and the 150-day MA (sky blue line). This pattern typically indicates a bearish signal, as the short-term MA is lower than the longer-term MAs. Additionally, the prices are currently below recent averages, which suggests a possible downtrend.
While the 20 MA and the 50 MA show a slight convergence, it's important to note that the 20 MA has not yet crossed above the 50 MA. This reinforces the bearish outlook.
Heikin Ashi candles: The Heikin Ashi method provides a smoother chart that filters out market noise. In this method, green candles indicate buying momentum, while red candles indicate selling momentum. Although there are a few green candles present, they are followed by red candles, suggesting a possible reversal from a bullish to bearish trend.
Market Structure: When we look at the chart, it is evident that Bitcoin is forming a pattern of lower highs (LH) and higher lows (HL), creating a wedge or triangle shape. While these patterns can break out in either direction, considering other indicators and the prevailing bearish sentiment, it seems more likely for Bitcoin to break downwards.
SMART MONEY CONCEPT Indicators: When analyzing market trends, it's important to pay attention to various indicators such as "ChCH" and "EQ." These indicators can help identify shifts in price action and equilibrium zones. If multiple "ChCH" labels are present, it may indicate a significant change in market character, potentially suggesting indecision and a possible bearish trend when considering other factors.
Strong Low Zone: On the right side of the chart, there is a zone labeled as "Strong Low." This area has historically shown support, with buyers entering the market. If the price approaches and breaks below this level, it would confirm the prevailing bearish sentiment.
Conclusion: RephraseAfter analyzing the moving averages, Heikin Ashi candle trends, and market structure, it is clear that the market is showing a bearish bias in the near term. There is a noticeable tension between buyers and sellers, with sellers appearing to have an advantage.
Trade closed: target reached
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If you will see the red dotted trendline that indicate a wall that will be hard to break, but it will only take 2 times to test before we break it.... here's why.
1. There is not much resistance on these levels leading us to 40k 2. 0.38 fib is to soft to break especially with the ETF approvals lately. Bonus: Low liquidity lead to short squeeze.
Again NAFA, I will take this mistake as a learning mistake. But 5 days ago I bagged most of the major infrastructure token and coins. Yet, unacceptable since I gave you a different shot call here vs to what I do. Thank you.
Me too. We know there's manipulation involved, but at the end a lot of people will panic sell en mase. 👍
osodatsismoso
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@Andbcoin, or probably there is none. The market still needs to flash out those bears and trick the bulls that we are really out of the woods. Its a typical dirty play we always receive in this times.
Andbcoin
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@osodatsismoso I've seen groups on Telegram pumping Bitcoin. I know what I'm talking about. But yes, at the end they will trick bulls and it will go back down. 😉
osodatsismoso
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@Andbcoin, couldn't agree more. Minus or not to mention SL hunting during this kind of market structure. See 4hrs to 15min tf. Its crazy.
Andbcoin
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@osodatsismoso True. This will fall like a stone. 😁 Let's see it from outside.