Bitcoin just retested its all time high range and recorded an inverted hammer in the supply zone (Weekly). Clear distribution is seen in lower timeframes like 4 hours and 1 hour; many patterns are identified. If these patterns were identified without the weekly inverted hammer, then we can consider long. But in this case, its clear indication of distribution.
The script soon would test 58300 (CMP 61100) ranges and again can bounce back to 61500 ranges. This can form a triangle pattern.
When that pattern is broken downside, the immediate support will be 48000 to 52000. If that is broken, 28000 ranges could be seen.
The script soon would test 58300 (CMP 61100) ranges and again can bounce back to 61500 ranges. This can form a triangle pattern.
When that pattern is broken downside, the immediate support will be 48000 to 52000. If that is broken, 28000 ranges could be seen.