Hello, dear TradingView members. This is a Bitcoin idea.
On this chart, I've zoomed in a little to be able to see how our short-term analysis can be. Bitcoin showed strength today and increased, but it's still in the support and base price zone.
There are two resistance levels on the way up and three support levels on the way down. Our local support level is the one we're inside right now, which is very strong. If the price ever falls below this area, it'll take a long time to move back up and cross this level.
We can see two possible scenarios for now.
Scenario One: The price will move to the second resistance level, get support from the first solid resistance, and cause another ascending move.
Scenario Two: The price will fall below the local support level and test the solid support levels.
If you want to know what the two primary support levels are on the way down, take another look at this chart I've posted before:
Now let's see your ideas. Let's have a discussion.
Let me know if you guys have any questions; I will be more than happy to help.
I have the same levels in mind. If 22k falls, 25k is a resonable target
ShawnMCR
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@Mihai_Iacob sounds accurate. Thanks for sharing your insight 💎
Solldy
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There's a pretty strong trend in assets right now, so I think you'll be right, and the idea will work out. But I'm worried that maybe we just haven't considered all the factors. What do you think about that?
ShawnMCR
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@Solldy thanks for your comment buddy 💎 you may be right but I’ve pointed out the main factors so I guess for a short-term analysis it can be enough