TradeCityPro | Bitcoin Daily Analysis #180

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Let’s move on to Bitcoin analysis. Yesterday Bitcoin continued its drop and made another downward move. Let’s check the market together.

⏳ 1-Hour Timeframe
Bitcoin in the 1-hour timeframe started a downward move and, with consolidation below the 114643 area, turned bearish in lower cycles.

⭐ After finishing the first bearish leg, the price formed a top around the 113110 area and made a deep correction up to above this area, which can be called a DBC, because after that a new downward move started.

✔️ At the moment the price is on the 110941 support, and during this downward move that happened after the break of 114643, the volume has completely increased and the volume of bearish candles has been much higher than bullish candles.

🔑 Breaking the 110941 area can start the next bearish leg. In this case the next move can be much longer and the price can move down with more bearish momentum.

✨ On the other hand, if this area holds as support, we can get the first sign of a trend change, but for now I don’t think the market is giving us any specific position because there is not a proper structure for a long and at the same time there isn’t enough bearish momentum for a short position either.

❌ Disclaimer ❌
Trading futures is highly risky and dangerous. If you're not an expert, these triggers may not be suitable for you. You should first learn risk and capital management. You can also use the educational content from this channel.

Finally, these triggers reflect my personal opinions on price action, and the market may move completely against this analysis. So, do your own research before opening any position.