BITCOIN SHORTER TIME FRAME UPDATE
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Bitcoin (BTC) is currently operating within a bullish channel and has recently experienced a bounce off the support provided by the ascending trendline and the 100-day moving average (MA). The cryptocurrency is presently trading within the Ichimoku cloud, accompanied by the Relative Strength Index (RSI), signaling a bearish divergence move.
For bullish trend confirmation, it is imperative for the bulls to regain momentum and achieve a decisive breakout above the horizontal resistance level, approximately around 38,000. Conversely, a sustained breakdown of the ascending trendline would suggest the potential for a short-term correction.
In simpler terms, Bitcoin is following an upward trend, finding support at the ascending trendline and the 100-day moving average. However, caution is advised as the RSI is signaling a potential bearish divergence. A clear breakthrough above the resistance at 38,000 would be a positive indicator for a bullish continuation, while a sustained break below the ascending trendline could indicate a short-term correction in the market.
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I would also love to know your charts and views in the comment section.
Thank you
For bullish trend confirmation, it is imperative for the bulls to regain momentum and achieve a decisive breakout above the horizontal resistance level, approximately around 38,000. Conversely, a sustained breakdown of the ascending trendline would suggest the potential for a short-term correction.
In simpler terms, Bitcoin is following an upward trend, finding support at the ascending trendline and the 100-day moving average. However, caution is advised as the RSI is signaling a potential bearish divergence. A clear breakthrough above the resistance at 38,000 would be a positive indicator for a bullish continuation, while a sustained break below the ascending trendline could indicate a short-term correction in the market.
This chart is likely to help you make better trade decisions if you consider upvoting it.
I would also love to know your charts and views in the comment section.
Thank you
Note
(WEEKLY TIME FRAME)
Over the past weeks, Bitcoin has experienced a surge in price, entering a phase of notable price discovery and achieving new yearly highs by surpassing the previous consolidation range.
Historical research reveals a consistent pattern of Bitcoin accumulation in past market cycles.
The initial wave typically occurs shortly after Bitcoin hits its All-Time High in a market cycle, with prices swiftly moving away from that peak. The second wave transpires during the Bear Market's trough, as the price floor for that cycle is established and tested. The third wave unfolds post-cycle bottom, with prices showing an upward trend in anticipation of the Bitcoin halving.
It's crucial to acknowledge that the previous market cycle experienced a significant correction following the third wave of accumulation, leading to a downward price trend until March of the halving year.
Presently, Bitcoin has attained a High-Volume Node on the Volume Profile, indicating a zone with substantial potential supply or selling pressure. This observation underscores the importance of closely monitoring market dynamics and potential corrections in the ongoing bullish trend.
Bitcoin has successfully converted prior resistance into a support level, leading to a period of consolidation as traders anticipate a potential breakout.
Conversely, if Bitcoin is unable to solidify the former resistance as support, it may experience a decisive breakdown, reverting back to a previous trading range.
After analyzing Bitcoin across various time frames, we have concluded that there is a significant likelihood of BTC ranging between approximately 33,500 and 30,000. However, in the long term, the outlook remains bullish.
A similar pattern was observed in the last bull run, where a final substantial drop occurred, eliminating inexperienced and small traders, before the onset of the bullish market. Therefore, it is advisable to stay vigilant, adapt to Bitcoin's movements, and continue learning in order to navigate potential market fluctuations.
Note
The bullish attempts to surpass the 38k resistance in Bitcoin (BTC) have been unsuccessful thrice, yet the ascending triangle pattern remains relevant. A notable market movement is anticipated later this week. A successful daily closure above 38k by the bulls could lead to an 8-10% bullish rally in December. Conversely, in a bearish scenario where the triangle breaks downward, Bitcoin may retest the 34k support area.
Note
#BITCOIN
"We are currently witnessing a breakout from the ascending triangle pattern. However, it's important to note that, as of now, the 12-hour candle is not closed. To confirm the breakout, we need the candle to close above this level. It's worth mentioning that the bearish divergence in the RSI has been invalidated, which is a positive signal for the bulls.
Let's see how this 12-hour candle closes.
Stay tuned I will keep updating.
Note
#BITCOIN
"We are currently experiencing a breakout of the ascending triangle pattern in the 12-hour time frame. However, the confirming candle is retracing back inside the triangle. Since this candle has not closed yet, we need to wait for its closure to determine its status. We will monitor whether this candle confirms the breakout or if it results in a reversal, creating a potential 'freakout' scenario."
Stay tuned i will keep updating
Note
#BITCOIN
After a freakout, there is another attempt to breach the resistance. However, confirmation is pending, requiring the closure of the candle for assessment.
It’s a little bit confusing if we consider this horizontal resistance, which still needs to break out. Have a look at the chart, If we consider that wick as the point of support, then it looks like a perfect breakout of this pattern.
Moreover, the RSI has successfully surpassed the bearish divergence and is presently undergoing a retest.
Guy, Comment what your views
Stay tuned; I will keep updating.
Note
Note
There is nothing to update on #BTC; it is still the samestay tuned I will keep updating if needed.
Note
#BITCOIN
Bitcoin has once again broken out of its ascending triangle, but confirmation relies on a crucial daily candle close above $38,000. A daily close at this level could pave the way for a bounce towards the $44,000 technical target, in line with the observed pattern.
Stay tuned for further updates.
Note
#Bitcoin
In the 4-hour timeframe, we remain within this ascending channel. In my opinion, unless BTC breaks out of this channel, it is likely to face rejection once again at this point.
Stay tuned I will keep updating
What do you think, guys?
BTC could either extend its upward movement from this point, or it may face rejection again.
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