Bitcoin Madness continues ?!
HEY buddies, what's going on Today ?!
Since 13th of Aug that I posted previous analysis for bitcoin, market has been dramatically inverted and has have a kind of choppy movements ,and there was a lot of craziness in crypto market! we saw a massive purchase of a killer whale , that supposed as a bullish sign, but its not the way that market works but we can consider it as a reference lvl. although I expected more increase for bitcoin ,but as I also mentioned before there was some negative divergences that suppressed the rising of price , and bulls wasn't able to hold the price any more !
meanwhile the hawkish fed policy , and others funda news intensified the selling pressure . so it's what it is , what can see right now, 2 strong bearish candle, all recent attempts of bulls for holding the price up wasn't successful ,and now it has almost came all the way back!
=>Technical Point of view:
WEEKLY:
As we can see on the weekly time frame , bitcoin has been declining in super big descending channel which show a bearish market for crypto in the mid-long term , but as we can also see a nice smaller ascending channel that look likes a bearish flag pattern in a bigger channel . so bitcoin can counting to rise and fluctuate in this rising channel for a while ,and at least have another bullish leg , before having any other massive slump by breakout of current flag pattern !
But also we can see bitcoin recently has lost the POC lvl of volume profile which is not favorable ,and as a trader we should also consider any possible scenario, so I mean if bitcoin have weekly close underneath of Previous LOW in this case it can be an alert for breakout the structure and pattern, and we expect continue its falling and have further decline in shorter -term.
DAILY :
Also on the daily time , we can see more clearly for bitcoin , by revealing negative divergences for OBV -MFI , which showed the selling pressure and smart money was exiting from market , It has been declining till now.
but also some positive divergences has recently exposed that can causes a rebouncing again ! but remember this fact that bitcoin lost some important Volume zones , that make the situation a little difficult for bitcoin to rise again !
4H :
Also on the 4H timeframe , as we can see it has recently lost the $20k as a psychological lvl , actually it had breakout of this lvl for several times, so it’s not a valid level as before , but it also has recently exposed some positive divergences so it can rise and reatake and retest the higher 2kk and POC lvls about $21.5k as a pullback to higher resistance zone in the short term , so as long as it trading below this lvls or current white descending trendline , we should be more cautious to take a long position for btc !
✌️ Good luck with your trading and investing and remember: Trade smart…OR JUST DON’T TRADE!
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👉This analysis is my personal opinion ,not a financial advice ,so do your own research.
💚 if you're fan of my analyses please follow me , give a big thumbs 👍 OR drop a comment 🗯
Since 13th of Aug that I posted previous analysis for bitcoin, market has been dramatically inverted and has have a kind of choppy movements ,and there was a lot of craziness in crypto market! we saw a massive purchase of a killer whale , that supposed as a bullish sign, but its not the way that market works but we can consider it as a reference lvl. although I expected more increase for bitcoin ,but as I also mentioned before there was some negative divergences that suppressed the rising of price , and bulls wasn't able to hold the price any more !
meanwhile the hawkish fed policy , and others funda news intensified the selling pressure . so it's what it is , what can see right now, 2 strong bearish candle, all recent attempts of bulls for holding the price up wasn't successful ,and now it has almost came all the way back!
=>Technical Point of view:
WEEKLY:
As we can see on the weekly time frame , bitcoin has been declining in super big descending channel which show a bearish market for crypto in the mid-long term , but as we can also see a nice smaller ascending channel that look likes a bearish flag pattern in a bigger channel . so bitcoin can counting to rise and fluctuate in this rising channel for a while ,and at least have another bullish leg , before having any other massive slump by breakout of current flag pattern !
But also we can see bitcoin recently has lost the POC lvl of volume profile which is not favorable ,and as a trader we should also consider any possible scenario, so I mean if bitcoin have weekly close underneath of Previous LOW in this case it can be an alert for breakout the structure and pattern, and we expect continue its falling and have further decline in shorter -term.
DAILY :
but also some positive divergences has recently exposed that can causes a rebouncing again ! but remember this fact that bitcoin lost some important Volume zones , that make the situation a little difficult for bitcoin to rise again !
4H :
✌️ Good luck with your trading and investing and remember: Trade smart…OR JUST DON’T TRADE!
--------------------------------------------------------------------------------------------------------------------
👉This analysis is my personal opinion ,not a financial advice ,so do your own research.
💚 if you're fan of my analyses please follow me , give a big thumbs 👍 OR drop a comment 🗯
