BITCOIN in trouble? check this out first...
There is no doubt that Bitcoin is in a downward trending channel. As you can see in this analysis, Bitcoin has been in a bearish sequence since the highest point (#1), bouncing within the channel until it was rejected at point #5, which did not break through our green confirmation zone and instead dropped to the purple inefficiency zone.
If you look closely, the purple inefficiency zone has shown significant strength for months (since April). It's a crucial area because when the price reaches it, there is a strong volume and buying pressure.
There are only two possible moves the price could make this week:
Move 1: The price could stay in our purple inefficiency zone and consolidate, accumulating for its next bullish trend. Note: Point #5 was a total rejection and decided to disrupt the sequence that Bitcoin had from point #1.
Move 2: The price could simply respect a large-scale supply and demand zone, in which case we might see the price continue to drop, allowing it to enter a demand zone and then take off into a bullish market.
What will happen? We really don't know, but what we can conclude from this postis that since the beginning of this analysis several weeks ago, the price has moved in our favor just by using basic price action concepts.I am very satisfied with this analysis, and I'm glad you were able to benefit from it, if you have been following this analysis closely, The price has been moving according to our prediction, And whenever I see these kinds of charts or analyses, I remember the words my mentor used to tell me: always remember that the price action is always right.
I sincerely appreciate your trust and support in my study.
I send you a warm greeting, and always stay alert for the next move.
-RM
If you look closely, the purple inefficiency zone has shown significant strength for months (since April). It's a crucial area because when the price reaches it, there is a strong volume and buying pressure.
There are only two possible moves the price could make this week:
Move 1: The price could stay in our purple inefficiency zone and consolidate, accumulating for its next bullish trend. Note: Point #5 was a total rejection and decided to disrupt the sequence that Bitcoin had from point #1.
Move 2: The price could simply respect a large-scale supply and demand zone, in which case we might see the price continue to drop, allowing it to enter a demand zone and then take off into a bullish market.
What will happen? We really don't know, but what we can conclude from this postis that since the beginning of this analysis several weeks ago, the price has moved in our favor just by using basic price action concepts.I am very satisfied with this analysis, and I'm glad you were able to benefit from it, if you have been following this analysis closely, The price has been moving according to our prediction, And whenever I see these kinds of charts or analyses, I remember the words my mentor used to tell me: always remember that the price action is always right.
I sincerely appreciate your trust and support in my study.
I send you a warm greeting, and always stay alert for the next move.
-RM
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