Hello, dear TradingView members. This idea is a Bitcoin analysis.
Now that Bitcoin has closed another red monthly candle, we can talk about our bearish situations for this season. This bearish scenario is only for the situation when Bitcoin falls from the 17K support level.
There are three possible scenarios:
1. Red Scenario: The price will pass the 17K support level, and then, after moving sideways in the 12K-17K area for a while, it will fall from the 12K level to lower support levels.
2. Blue Scenario: The price will fall below the resistance and start consolidating in the 12K and 17K price range until the support/resistance levels change. That's when we can estimate the new vital levels.
3. Green Scenario: The price will fall just like the other two scenarios. Still, after moving sideways in the range and retesting the resistance level a few times, we will pass the 17K resistance level and experience a bullish movement.
The resistance level we have for now is the 33K level. By resistance level, I'm talking about the solid resistance between our price range and the top prices, which will lead the ATH.
I haven't shown the upper and middle Bollinger Bands on this chart because it's not showing anything special in this timeframe. The price is pushing down on the lower Bollinger Band.
RSI still isn't showing oversold signals in the weekly timeframe, so we still have room to go lower.
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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Many of our fellow traders asked to know about the short-term analysis. So I zoomed in and also changed the timeframe to 1H.
Imagine this chart as a sideways channel; There will be two resistance levels on the way up and two support levels on the way down.
The price has been rejected by the upper Bollinger Band.
The RSI is also above the 50 levels but it's not overbought.
There is the possibility of reaching higher price zones in the short-term scenario.
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We are in a descending channel, getting support and resistance from the Middle and Upper Bollinger Band.
RSI is around the 60 levels, which hints at neutral.
$20,000 and $21,000 levels are the horizontal resistance levels.
Here is an update on the 4H timeframe chart:
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The support by the Middle Bollinger Band shown in the previous update worked out pretty well. The price pumped back up and made a vast BB. Now watch out for the local resistance level and after that the upper band of the descending channel.
@Vibranium_Capital it’s called the ‘Moon-Effect.’ People keep hoping 🤞🏼 today will be the day Bitcoin will see 100K 🤞🏼 for some unknown unrealistic reason. And then TradingView analyzers, even though they know the market won’t pump, keep posting LONG ideas just because they’ll get more likes and views. It’s a whole thing. So we can’t blame them for this type of mindset.
Thanks for your comment Btw 💎💎 it’s great to have your support.