2021-08-26 18:32:27
FINALLY ABLE TO UNDERSTAND CURRENT SITUATION!! BTC DAILY (1D) CHART UPDATEBitcoin currently trading at 47100ish
As mentioned in my previous post, we saw a rising wedge and I clearly told you that, I am bearish on a coming week, Well :wink:
Now, the real question remains how long are we bearish and what level will be seen during this bearish run. Now looking at the lower period, We can see a ascending channel shifting its pattern ascending wedge.. An ascending correction which is often a reverb pattern. BTC did finish its Wave E at 50K.
I have identified 2 potential scenarios for BTC;
1. If you refer to my 2h BTC chart, you will see two different methods of analyzing the chart The first one is H&S, BTC has created a H&S pattern at a very crucial level, at this level we can say that we might see price near the support level (indicated in the chart)
2. Is the repeated pattern within the ascending correction, This indicates a bullish breakout, which means we can be bullish if the repeated pattern is seen again. I am skeptical about this idea!!!
Areas to watch :eyes:
- Institutional profile indicator indicates a strong support level from 44500 - 45800
- Resistance zone is from 49500 - 51200
Hit a like on TradingView to show your support.FULL CHART:-
1D:- https://www.tradingview.com/chart/BTCPERP/0SrkBMHJ-Bitcoin-Bull-or-Bear/
45m:-
https://www.tradingview.com/chart/BTCPERP/jnPDMu3n-BTC-2h-Update/
1 DAY TIME FRAME
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