BTC Macro Analysis using Fibonacci and Trend Channel
Hi Everyone, this is an update to our last analysis.
Looks like we tried to respect the move on btcusd Support, but the price action is against us. This again can be because of worldwide panic of going into a hypothetical World War / Cyber War with nations, but Market is still trying its best to NOT make a Lower Low on Weekly time frame. This in turn can be beneficial to us, if Russian and Ukrainian conflict is sorted at the earliest, but no one really knows when that will be. For the time being, all indicators including Ichimoku, Bollinger Bands, Moving Averages (50), MACD, RSI and the likes are recommending a complete downtrend, so we should only be looking towards a major downtrend.
Getting a relief rally is possible, however, the max levels that we can think of attaining for now are around 53k - 56k at best for now, an as we will still be in our parallel trend channel, we can hope to achieve levels like that 70k and beyond, but that will too hopeful for us and we would rather live with a the ground reality that, Market isn't really showing any major strength as of this moment.
Price action on BTCUSD is suggesting a drop of about 17% for the coming week (From last weekly closure at 38439) and thus we can look forward to achieving a target like that of 31600.
If we go below that, we can consider this market to be in a complete downtrend.
In which case, market shall attempt to give a relief rally, but the levels on it will be completely uncertain.
DISCLAIMER: This is not a Financial Advice and we do not take any sort of responsibility for your Trading Decisions. Carry out your own analysis before making any sort of entry in Market.
Looks like we tried to respect the move on btcusd Support, but the price action is against us. This again can be because of worldwide panic of going into a hypothetical World War / Cyber War with nations, but Market is still trying its best to NOT make a Lower Low on Weekly time frame. This in turn can be beneficial to us, if Russian and Ukrainian conflict is sorted at the earliest, but no one really knows when that will be. For the time being, all indicators including Ichimoku, Bollinger Bands, Moving Averages (50), MACD, RSI and the likes are recommending a complete downtrend, so we should only be looking towards a major downtrend.
Getting a relief rally is possible, however, the max levels that we can think of attaining for now are around 53k - 56k at best for now, an as we will still be in our parallel trend channel, we can hope to achieve levels like that 70k and beyond, but that will too hopeful for us and we would rather live with a the ground reality that, Market isn't really showing any major strength as of this moment.
Price action on BTCUSD is suggesting a drop of about 17% for the coming week (From last weekly closure at 38439) and thus we can look forward to achieving a target like that of 31600.
If we go below that, we can consider this market to be in a complete downtrend.
In which case, market shall attempt to give a relief rally, but the levels on it will be completely uncertain.
DISCLAIMER: This is not a Financial Advice and we do not take any sort of responsibility for your Trading Decisions. Carry out your own analysis before making any sort of entry in Market.
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TWgvVtCG1BaQQrMtcjn3rF13YWFiZhoGyK (USDT/USDC TRC20)
bc1qfqfpze2qcd7pm92hftseaa26cqwc9kzwp2v5h5
(BTC)
0x2e77f8EBbeF5ff3EB2ed7A85d36Dc087F7F2f7Ce
(ERC20/BEP20)
Offer us a Coffee here:
TWgvVtCG1BaQQrMtcjn3rF13YWFiZhoGyK (USDT/USDC TRC20)
bc1qfqfpze2qcd7pm92hftseaa26cqwc9kzwp2v5h5
(BTC)
0x2e77f8EBbeF5ff3EB2ed7A85d36Dc087F7F2f7Ce
(ERC20/BEP20)
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