In the 2-hour timeframe, Bitcoin is trying to stabilize above the 2-hour and 4-hour middle Bollinger lines.
The $69,500 level is an important resistance in front of Bitcoin, if Bitcoin fails to pass this resistance, a head-and-shoulders pattern scenario is likely.
Otherwise, above the $69,000 level, the Bitcoin scenario will change. (This analysis will be updated later)
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According to the scenario, Bitcoin returned to the high demand zone, but failed to consolidate within this zone as sell pressure increased.✌💥 Now, if you have an open sell position, risk-free it, because by the end of today and early tomorrow, expect a sharp drop in price and then it will return to the pitchfork structure in the daily time. Follow us for more analysis.✍
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As we said earlier, Bitcoin returned to the bullish pitchfork structure after its crash. In this analysis, we examine the structure of the inner pitchfork.✌💥 As long as the price stabilizes above $64,581 (red zone), its upward path to the levels of $67,280 to $68,000 is unstoppable.✍ The appropriate stop for long positions is around the $63,450 to $64,000 level.✍
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The first target was reached ✌💥. I'm a little tired, so I'll leave the Bitcoin to you for now. I will not keep my long positions open after $68,000 (I am already risk-free). I expect the price to fluctuate near the middle line of the pitchfork, so it is a risky trade.✍ Tomorrow we will analyze Dominance, Bitcoin, and Ethereum with full energy.✍
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According to the scenario, Bitcoin faced sell pressure after reaching $68,000 and stopped around the $67,000 level.✌💥 The possible scenario of the price shows the return of the Bitcoin to the level of $64,500.✍ I see the downward scenario as more likely, but there is a possibility of the price returning to the upward trend and reaching the level of $68,980.✍
Trade closed: target reached
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According to the scenario, the price returned to the specified area and re-entered the bullish rally.✌💥 In this area, according to the volume drawn on the chart, above the specified level, a lot of selling pressure can be expected for Bitcoin. As the price reaches the specified area, Bitcoin stops slightly in the red area.✍ If the conditions of the market sentiment are not affected by the exogenous factor, there is a possibility of an upward price break in the red zone. Of course, this breakout requires stronger candles in the 4-hour structure.✍ It remains to be seen whether market bulls can offset the compressed volume ahead with a decent buying volume.✍
Trade closed: stop reached
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The bullish scenario was canceled as the selling pressure intensified.✍ The price is now returning to the support area within the pitchfork structure.✍ Due to the strength of bearish candles, there is a possibility that lower pivots will be tested.✍
Trade closed: target reached
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According to the analysis scenario, Bitcoin returned to the specified level with increasing selling pressure.✌💥 If the price stabilizes above the red support level, Bitcoin can move back into the fork structure.✍ Otherwise, the price may fall to the specified floor.✍ This Bitcoin analysis post was also successfully completed. ▶We will start with a new post next week.▶
Your analysis of Bitcoin's current situation on the 2-hour timeframe, with its interaction with the Bollinger Bands and the crucial resistance level at $69,500, sets the stage for potential market movements