BTC hasn't gotten bull momentum recently compared with ETH.
And instead, it showed a rapid pullback yesterday as ETH and alts.
While this crypto market faces severe correction, lots people get fear and smell it like bear.
But if we judge it with TA, can see that it fell until touched the uptrend line, also the 144/169emam, means a reasonable support here so...
IMO there hasn't been enough supply released for Btc to hold such high pricing and taproot is giving whales a way to release on the way down. remember Btc is for everyone, not just a chosen few. Bears are in control until 8k.
With that being said we may see 57k before more downward movement
I predict that if the price does not stabilize at the current level for tomorrow, we will see the designated areas in order.
And this is not a bad thing, because this market needs this correction to achieve higher goals ($ 100,000)
Bottom line: This reduction is temporary and will last until the end of November
If you are new to charts here's one for you. Just look at this long term chart which provides a better guidance on the long term trend. What's the trend? And with the fundamentals that we can't even chart the money supply world wide, well, we can't measure it by itself but BITI is the closest chart to world money supply and the value of FIAT currencies.....
BTC at the resistance now little push will be led btc towards 50.5k which is good for shorting , tp will be 39k. btc crashed coming soon in next 60 hours, be safe trading, you can see the chart three cross from where btc will be rejected and then dump heavily.
Btc is trading in this channel trending lower, it seems to have just broke out of the sym. triangle to the down side & is retesting the pattern.
The measured move would be around $38,500. to the bottom of the channel.
The .618 is also at that price.
Good short term support at $38.5k
After failing to hold the CME Gap at 46 620 USD and 48 370 USD, BTC had a sharp correction to 44k and is now on a downtrend to fill the gap at 34k-33k.
3 minutes ago
Comment: Please feel free to disagree in the comments, I welcome criticism and counterpoints.
I wish to strengthen my idea.
BTC on daily timeframe rejected from fibonacci (0.65 i-e 52244) we may see that level once again and then there will be huge dump, RSI show Bearish Divergence on daily timeframe, volume is still in alarming situation.
so be safe with your trade and don't forget SL.
Bitcoin is in a range ($36,500-- $30,500) from 18 June 2021. And recently break its latest swing at 32800. So, According to my analysis: - - - - -
" if the price will retrace from here & unable to go up, fall & break the $32800 level again then We can create a Short position with the target of $30,500 or 1:2 reward ratio."
REMEMBER: Always do your own analysis...
This is just speculation but I see two possible plays coming up here in the short term for BTC. Both plays end up with Bitcoin dipping further down one just happens sooner. The yellow line is what could happen over the weekend and the blue line is what could happen early next week. When I drew these line, I didn't expect to draw a scary monster looking Creature lmao.