irCryptoClub - BTC/USDT
BTC/USDT
It seems that we are on the verge of a sharp price decline, which is completely clear to me on the weekly time frame.
weekly Chart
As I have specified in the chart, the price of Bitcoin can move with a very high intensity to much lower numbers than expected in a short period of time. Based on the time analysis, I expect this movement to continue until the middle of February and for about 4 months, and then after reaching the desired range, it will start a new and strong upward movement to the specified points for the next year.
Now we need to check the chart in shorter time frames to have access to relatively more details. Therefore, we will examine the daily chart.
Daily Chart
In the chart that you can see, the movement started from the biggest price ceiling of Bitcoin until this moment is divided into two parts. According to this chart, the erosion downward movement has continued for about 5 months from April to the beginning of August 2024, but after August we have seen a new upward movement and the market has shown more tendency to grow. Currently, the most important price level for Bitcoin is $60,000, which can be clearly seen in the weekly chart. According to the time analysis, this level is only valid until October 7 and after reaching that day, the price can start to decline. Therefore, in my opinion, October 7 is the turning point of the current trend and the market as a whole, and the loss of this level can be the beginning of a strong downward trend.
Due to the sensitivity of this level, we have to examine the timeframes lower than daily and examine the 4-hour timeframe that is published in this analysis.
We have two green and red boxes in this chart. The green box or range has acted as a strong resistance range in the previous upward movement and has created a complicated knot at the prices of $63,000-$64,000, but as you can see, when returning from the new ceiling, this level acts as a relatively good support. It has not acted and has not had any reaction to the price drop.
According to all the explanations, we need to examine two scenarios on these important days.
1- The price of Bitcoin has not had any positive reaction and will start its downward movement after October 7 with a strong failure.
2-Bitcoin price will once again move towards $63,000-$64,000 and then break the $60,000 level after October 7.
Maybe according to some analysts Bitcoin is still loyal to its upward trend and will continue its upward movement, but this is what I think:
The price of Bitcoin will move towards the green box in the next few days, and by crossing it, it will give traders a new confirmation to continue its movement, and it will probably continue to reach $68,000. This movement will be fast, but I I believe that after this move, the price will start to fall and break the $60,000 level. Therefore, the red box, that is, the price range of $64,000 to $68,000, does not mean entering the market for me, but it will be the last chance to exit the market.
I recommend that if you still believe in the bullishness of the market, be very cautious and protect your portfolio against a sudden fall so that you do not face heavy losses in the event of the scenarios I mentioned.
good luck
It seems that we are on the verge of a sharp price decline, which is completely clear to me on the weekly time frame.
weekly Chart
As I have specified in the chart, the price of Bitcoin can move with a very high intensity to much lower numbers than expected in a short period of time. Based on the time analysis, I expect this movement to continue until the middle of February and for about 4 months, and then after reaching the desired range, it will start a new and strong upward movement to the specified points for the next year.
Now we need to check the chart in shorter time frames to have access to relatively more details. Therefore, we will examine the daily chart.
Daily Chart
In the chart that you can see, the movement started from the biggest price ceiling of Bitcoin until this moment is divided into two parts. According to this chart, the erosion downward movement has continued for about 5 months from April to the beginning of August 2024, but after August we have seen a new upward movement and the market has shown more tendency to grow. Currently, the most important price level for Bitcoin is $60,000, which can be clearly seen in the weekly chart. According to the time analysis, this level is only valid until October 7 and after reaching that day, the price can start to decline. Therefore, in my opinion, October 7 is the turning point of the current trend and the market as a whole, and the loss of this level can be the beginning of a strong downward trend.
Due to the sensitivity of this level, we have to examine the timeframes lower than daily and examine the 4-hour timeframe that is published in this analysis.
We have two green and red boxes in this chart. The green box or range has acted as a strong resistance range in the previous upward movement and has created a complicated knot at the prices of $63,000-$64,000, but as you can see, when returning from the new ceiling, this level acts as a relatively good support. It has not acted and has not had any reaction to the price drop.
According to all the explanations, we need to examine two scenarios on these important days.
1- The price of Bitcoin has not had any positive reaction and will start its downward movement after October 7 with a strong failure.
2-Bitcoin price will once again move towards $63,000-$64,000 and then break the $60,000 level after October 7.
Maybe according to some analysts Bitcoin is still loyal to its upward trend and will continue its upward movement, but this is what I think:
The price of Bitcoin will move towards the green box in the next few days, and by crossing it, it will give traders a new confirmation to continue its movement, and it will probably continue to reach $68,000. This movement will be fast, but I I believe that after this move, the price will start to fall and break the $60,000 level. Therefore, the red box, that is, the price range of $64,000 to $68,000, does not mean entering the market for me, but it will be the last chance to exit the market.
I recommend that if you still believe in the bullishness of the market, be very cautious and protect your portfolio against a sudden fall so that you do not face heavy losses in the event of the scenarios I mentioned.
good luck
Crypto Club TA team
Providing you with the best & most accurate analysis based on CryptoCurrency & Forex markets.
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Providing you with the best & most accurate analysis based on CryptoCurrency & Forex markets.
Follow us on Telegram at t.me/CryptoClub_Technicalanalyst
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