The 30K psychological range was strong, since price orbited for days around it, as you've seen. But Bitcoin's price has recently started to decline, primarily due to the impact of the violet line on the ascending price candles. This impact can be seen as a signal to the bulls that they have hit a resistance level and should exercise caution. While it is not always the case, many times when the violet line touches the price, it triggers a reversal.
In my previous post, I estimated this "impact" to occur around 31,200. However, it actually happened at a lower price two hours ago, as indicated on the chart. Based on current conditions, I don't anticipate the price reaching or surpassing 31,500 in the near future. Consequently, I am currently adopting a short position in my approach, but I am waiting for the price to fall below the WHITE "stairs" line twice to confirm this short scenario.
There was a fakeout crossing of the red and blue lines, which should have occurred but didn't. This indicates that the bears have enough strength locally, particularly within the 1-hour period.
My short-term forecast remains the same as in my previous post: the price is likely to drop to 29,500 and linger there momentarily before further descending to the range of 28,000-28,500. Around the 28,000 mark, we will need to conduct another analysis to determine if the price is inclined to go as low as 25,000 or even lower, or if it will rebound instead.
Please do not rely solely on my words. Conduct your own thorough analysis, re-analyze the data, and make your own decisions. Trading is a challenging endeavor that requires careful consideration.
Atémak
In my previous post, I estimated this "impact" to occur around 31,200. However, it actually happened at a lower price two hours ago, as indicated on the chart. Based on current conditions, I don't anticipate the price reaching or surpassing 31,500 in the near future. Consequently, I am currently adopting a short position in my approach, but I am waiting for the price to fall below the WHITE "stairs" line twice to confirm this short scenario.
There was a fakeout crossing of the red and blue lines, which should have occurred but didn't. This indicates that the bears have enough strength locally, particularly within the 1-hour period.
My short-term forecast remains the same as in my previous post: the price is likely to drop to 29,500 and linger there momentarily before further descending to the range of 28,000-28,500. Around the 28,000 mark, we will need to conduct another analysis to determine if the price is inclined to go as low as 25,000 or even lower, or if it will rebound instead.
Please do not rely solely on my words. Conduct your own thorough analysis, re-analyze the data, and make your own decisions. Trading is a challenging endeavor that requires careful consideration.
Atémak