Once again bitcoin has already shown us the bearish moves today. I will show you another perspective from the daily based.
From the chart applied, we can deduce some of important things that will affect the bitcoin moves in the future. First of all, I want to show you the reason of why the price bounced from the low of $4000 at March 13th, 2020. The main reason of this bounce is the white support trend line which has held the price of bitcoin since late 2019. And because this is the 1 year of support trend line, the price must respect this area of support so the bulls ended up pushing the price to claim this area as a strong support.
But, because the current pattern of the price is showing us the rising wedge pattern which mostly leads the price of going lower, I will assume this current condition as the relief rally. Beside, the price has already shown a sign of reversal which it got rejected right after touching the 1000 moving average which coincidentally moves align with the area between 0.5 and 0.618 fibonacci retracement.
With all of these facts written above, I can easily deduce that at current level, the bears are stronger in position than the bulls. In other word, the chance of the price to breaks below the white resistance trend line can be expected as well. A break out of the white resistance trend line and the blue resistance trend line will invalidate my current bearish bias.
From the chart applied, we can deduce some of important things that will affect the bitcoin moves in the future. First of all, I want to show you the reason of why the price bounced from the low of $4000 at March 13th, 2020. The main reason of this bounce is the white support trend line which has held the price of bitcoin since late 2019. And because this is the 1 year of support trend line, the price must respect this area of support so the bulls ended up pushing the price to claim this area as a strong support.
But, because the current pattern of the price is showing us the rising wedge pattern which mostly leads the price of going lower, I will assume this current condition as the relief rally. Beside, the price has already shown a sign of reversal which it got rejected right after touching the 1000 moving average which coincidentally moves align with the area between 0.5 and 0.618 fibonacci retracement.
With all of these facts written above, I can easily deduce that at current level, the bears are stronger in position than the bulls. In other word, the chance of the price to breaks below the white resistance trend line can be expected as well. A break out of the white resistance trend line and the blue resistance trend line will invalidate my current bearish bias.
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Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.