BITCOIN - Going down the trend
This does not provide financial advice. It is for educational purposes only. You can use this information to make your own plan for the market.
2021 was a bullish year for bitcoin with a primary trend leading to its peak at 70k. Today’s market continued to a downtrend since November last year and I have a couple of opinions that it might continue to go downtrend.
Here are my thoughts on the current market situation:
*With a parabolic arc pointing from the all-time low way back 2018 at 3k level up to its respective peaks and troughs to the very peak. We can see that candlesticks had already broken this parabolic advance which shows us a bearish signal.
*The second drawing is a trend line pointing all the way through the supports from the previous movement. The market is currently accumulating around this area and is somehow starting to break this line.
*Candlesticks are currently breaking support area at 40k level which is forming a very bearish candle (three black crows to be specific).
*Current support is at 40k level and the next one is around 30k. If it confirms a breakdown at 40k it’ll continue its dump going down to the next strong support.
DISCLAIMER: This analysis does not guarantee to be accurate, complete or fit for this market, please do your own research and use it as a priority before executing a trade.
2021 was a bullish year for bitcoin with a primary trend leading to its peak at 70k. Today’s market continued to a downtrend since November last year and I have a couple of opinions that it might continue to go downtrend.
Here are my thoughts on the current market situation:
*With a parabolic arc pointing from the all-time low way back 2018 at 3k level up to its respective peaks and troughs to the very peak. We can see that candlesticks had already broken this parabolic advance which shows us a bearish signal.
*The second drawing is a trend line pointing all the way through the supports from the previous movement. The market is currently accumulating around this area and is somehow starting to break this line.
*Candlesticks are currently breaking support area at 40k level which is forming a very bearish candle (three black crows to be specific).
*Current support is at 40k level and the next one is around 30k. If it confirms a breakdown at 40k it’ll continue its dump going down to the next strong support.
DISCLAIMER: This analysis does not guarantee to be accurate, complete or fit for this market, please do your own research and use it as a priority before executing a trade.
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