Watch out of manipulation play, APEX is still in play!
The lower time frame perspective which we are using the 2 hours time frame provides us with some major conditions that may affect the future's performance on the price.
We have also anticipated the 2 strong supports of $20000as the psychological number which is having alignment with the golden ratio level and also the area of $19400 level which is the previous holding support on previous consolidation structure which is having an alignment with the .786 Fibonacci retracement level.
Current condition is showing us that the golden ratio level has been breached with decent bearish momentum and we didn't see any sign of bullish bounce even jus 1 percent. As reflected on the chart, this condition is not a good condition for the bitcoin as if the price breaks below current strong support zone at the .786 Fibonacci level, we will see further downside movement to the last bottom on current cycle (which is also the interim swing low level).
Another perspective that we need to highlight is that the price of the bitcoin previously has shown us a strong signal of bearish confluence which the price tested the previous broken support trend line with a wick rejection perfectly touched the $22844 region. Simply is not a good sign as it can be perfect confirmation for another bloodbath in crypto overall.
Also be remindful that the price is coming closer to the APEX we anticipated on the weekly time frame which will make huge decrease in volume and that's why we must be aware of potential pump and dump scheme on current condition as the effect of manipulation.
.786 Fibonacci level is still holding well the price so far but still we haven't seen any sign of gaining bullish momentum on current market condition. Manipulation is very likely to occur during current condition because we found a lot of liquidation zones.
We have also anticipated the 2 strong supports of $20000as the psychological number which is having alignment with the golden ratio level and also the area of $19400 level which is the previous holding support on previous consolidation structure which is having an alignment with the .786 Fibonacci retracement level.
Current condition is showing us that the golden ratio level has been breached with decent bearish momentum and we didn't see any sign of bullish bounce even jus 1 percent. As reflected on the chart, this condition is not a good condition for the bitcoin as if the price breaks below current strong support zone at the .786 Fibonacci level, we will see further downside movement to the last bottom on current cycle (which is also the interim swing low level).
Another perspective that we need to highlight is that the price of the bitcoin previously has shown us a strong signal of bearish confluence which the price tested the previous broken support trend line with a wick rejection perfectly touched the $22844 region. Simply is not a good sign as it can be perfect confirmation for another bloodbath in crypto overall.
Also be remindful that the price is coming closer to the APEX we anticipated on the weekly time frame which will make huge decrease in volume and that's why we must be aware of potential pump and dump scheme on current condition as the effect of manipulation.
.786 Fibonacci level is still holding well the price so far but still we haven't seen any sign of gaining bullish momentum on current market condition. Manipulation is very likely to occur during current condition because we found a lot of liquidation zones.
