Hello Traders Investors And Community, welcome to this analysis about bitcoin 12-hour chart where we looking at the perspective which is confirming bitcoin current established more bearish than the bullish state on the short-term, which does not necessarily mean bitcoin is completely bearish on the longer perspectives like middle or long-term. Bitcoin awaited a bigger pull-back and the possibility for fake breakouts increased since bitcoin moved in this consolidation between 10630 and 12450, in this current structure I detected some other signals which making it clearer in which direction bitcoin heading now and playing into the established bearishness on the short-time-perspective, therefore let's look into the chart.
Looking at my chart you can watch there that bitcoin fell below its major support/resistance line which is the trendline marked in grey, this line was confirmed previously several times as support and is now strong resistance as bitcoin fell below it, furthermore, bitcoin has resistance at the 40-EMA marked in red which it also confirmed recently, taking these factors into consideration bitcoin will do another leg to the downside as it is also confirming several bear-flags in the shorter time perspectives, this leg to the downside can go to the blue level you can watch in my chart between 10620 and 10800 which is also supported from previous price-action and bitcoin has the possibility given to back-up in this level as it is marked in my chart.
When bitcoin moves on with the more likely leg-down scenario which is given currently it has to be elevated how price reacts in the possible back-up-zone and if there can be a sustainable stabilization or more downside ahead. I know there are many people believing in the crypto bull-market and only think in one direction, nevertheless, this can prove fatal when prices move also in the reverse direction, as smart-money operators just waiting on the other side to take advantage of the delicious positions lying around. Therefore we should not ignore the warning signs bitcoin is sending there in order to not get overly speculative and be prepared when the prices change direction as it happened the last times, this is what is significant and can prove worthwhile for sophisticated trading these days.
In this manner, thank you for watching, support for more market insight, all the best!
Information provided is only educational and should not be used to take action in the markets.
Looking at my chart you can watch there that bitcoin fell below its major support/resistance line which is the trendline marked in grey, this line was confirmed previously several times as support and is now strong resistance as bitcoin fell below it, furthermore, bitcoin has resistance at the 40-EMA marked in red which it also confirmed recently, taking these factors into consideration bitcoin will do another leg to the downside as it is also confirming several bear-flags in the shorter time perspectives, this leg to the downside can go to the blue level you can watch in my chart between 10620 and 10800 which is also supported from previous price-action and bitcoin has the possibility given to back-up in this level as it is marked in my chart.
When bitcoin moves on with the more likely leg-down scenario which is given currently it has to be elevated how price reacts in the possible back-up-zone and if there can be a sustainable stabilization or more downside ahead. I know there are many people believing in the crypto bull-market and only think in one direction, nevertheless, this can prove fatal when prices move also in the reverse direction, as smart-money operators just waiting on the other side to take advantage of the delicious positions lying around. Therefore we should not ignore the warning signs bitcoin is sending there in order to not get overly speculative and be prepared when the prices change direction as it happened the last times, this is what is significant and can prove worthwhile for sophisticated trading these days.
In this manner, thank you for watching, support for more market insight, all the best!
Information provided is only educational and should not be used to take action in the markets.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
►✅JOIN THE BEST+ TOP TELEGRAM TRADING CHANNEL: t.me/VincePrinceForexGoldStocks
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.