Bitcoin seems to be under control of bears at the monent.
The idea here is about Bitcoin (BTC/USD)
Mentioned below are the points to be considered for (BTC/USD).
Points as per TA on a Daily Chart:
1. Monthly Candle: Tweezers at the time of analysis could expect it to be a Bearish Engulfing.
2. Weekly Candle: Inverted Hammer at the time of analysis.
3. Falling wedge with Contracting or Symmetrical Triangle abcde often happens during Elliott’s 4th Wave.
4. Double Top Pattern
5. RSI is at 43.19
6. MACD line crossed down the signal line on 6th March 2022.
Since it’s on a downtrend expect the price dip to 34.5K which is also the support (Neckline) on the double bottom. If the price line breaks below this then the next major support zone is at 31 to 29.5K. If the trend continues then the price may dip further down.
Disclaimer: “The above is an idea only and not any kind of financial advice so please do your own DD (Due Diligence) before any kind of investment”.
If you like my TA & ideas!! Want to keep yourself updated with current market action, then please follow my profile for more analysis.
Mentioned below are the points to be considered for (BTC/USD).
Points as per TA on a Daily Chart:
1. Monthly Candle: Tweezers at the time of analysis could expect it to be a Bearish Engulfing.
2. Weekly Candle: Inverted Hammer at the time of analysis.
3. Falling wedge with Contracting or Symmetrical Triangle abcde often happens during Elliott’s 4th Wave.
4. Double Top Pattern
5. RSI is at 43.19
6. MACD line crossed down the signal line on 6th March 2022.
Since it’s on a downtrend expect the price dip to 34.5K which is also the support (Neckline) on the double bottom. If the price line breaks below this then the next major support zone is at 31 to 29.5K. If the trend continues then the price may dip further down.
Disclaimer: “The above is an idea only and not any kind of financial advice so please do your own DD (Due Diligence) before any kind of investment”.
If you like my TA & ideas!! Want to keep yourself updated with current market action, then please follow my profile for more analysis.
Comment:
This Aged well