TradeCityPro | Bitcoin Daily Analysis #227👋 Welcome to TradeCity Pro!
Let’s dive into the Bitcoin analysis. The market is still very bearish and moving down rapidly.
⏳ 1-Hour Timeframe
Yesterday, the market continued its downward movement, and after breaking the 88,825 support, it made a very brief correction before breaking even the 83,333 level.
⭐ The support level we had for the RSI was 21.53. As you can see, RSI reacted to this level, and after its correction, it has now reached this area again.
🧮 From a momentum perspective, the market is highly bearish, and the movement has been very sharp. Volume is fully confirming the downtrend, and I believe after this sharp decline, we could see the start of a correction phase.
💥 We have a very important support zone at 80,000, where the price could move towards and potentially enter a corrective phase. However, in any case, I think the market has made its move, and for the downtrend to remain healthy, a correction is needed.
✅ At the moment, we can’t provide a trigger for a new position since the market has moved so sharply, like a speeding train. It’s better to wait and then hop on once the correction has started.
📊 For long positions, it’s clear that the market is still in a downtrend, and there is no structure supporting a long position. We’ll consider opening a long position only once the trend changes.
❌ Disclaimer ❌
Trading futures is highly risky and dangerous. If you're not an expert, these triggers may not be suitable for you. You should first learn risk and capital management. You can also use the educational content from this channel.
Finally, these triggers reflect my personal opinions on price action, and the market may move completely against this analysis. So, do your own research before opening any position.
