Bitcoin is back on the edge.
Hello, dear TradingView members.
This is a Bitcoin idea.
First, I have to apologize to you guys since I haven't posted any Bitcoin analysis in the past month. The main reason was that Bitcoin was moving right on the base; it became boring for me. The exact price action, resistance, and support levels were making a repetitive pattern.
But now the price has dropped (4H timeframe), and as you can see, it's back to the support level again. Meaning the price has the potential to continue correcting down to the 12K level or even pumping back to the resistance level.
As you can see on the chart, there have been 2 corrective drops and then consolidations after each one of them.
These drops were stopped by the lower band of our descending channel and then consolidated for a while until the next fall occurred.
If you want to know what the two primary support levels are on the way down, take another look at this chart I've posted before:
So, for now, wait for our first local support around the 17K area. After a while of consolidation, if the market were still corrective and weak, we would experience the 12K area.
RSI is hinting at oversold.
Now let's see your ideas. Let's have a discussion.
Let me know if you guys have any questions;
I will be more than happy to help.
Good luck, and thank you.
This is a Bitcoin idea.
First, I have to apologize to you guys since I haven't posted any Bitcoin analysis in the past month. The main reason was that Bitcoin was moving right on the base; it became boring for me. The exact price action, resistance, and support levels were making a repetitive pattern.
But now the price has dropped (4H timeframe), and as you can see, it's back to the support level again. Meaning the price has the potential to continue correcting down to the 12K level or even pumping back to the resistance level.
As you can see on the chart, there have been 2 corrective drops and then consolidations after each one of them.
These drops were stopped by the lower band of our descending channel and then consolidated for a while until the next fall occurred.
If you want to know what the two primary support levels are on the way down, take another look at this chart I've posted before:
So, for now, wait for our first local support around the 17K area. After a while of consolidation, if the market were still corrective and weak, we would experience the 12K area.
RSI is hinting at oversold.
Now let's see your ideas. Let's have a discussion.
Let me know if you guys have any questions;
I will be more than happy to help.
Good luck, and thank you.
Penafian
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