I always try to rely on pure price action for analysis and use indicators only for confirmations. BTC daily shows a very obvious and simple downside breakout in a wedge pattern. Every trader knows what's going on but people get emotional about bitcoin and wanted it to be upward. So they ignore the glowing breakout.
Candle closed under the long term trend line and it has a high volume. So breakout is confirmed by volume.
But How I set these targets for BTC? just based on experience.
You can have a look on HOTUSDT and WINUSDT. They retrace same. A wedge and a sea waves-kind pattern. Draw a Fibonacci and see what's going on. BTC is the same.
I saw this pattern on multiple timeframes. Every time I saw a wedge and a downside breakout, there was a sea waves pattern in downtrend. I found the levels by testing several examples.
So this is my simple analysis and targets of bitcoin.
I wish the best for us.
Candle closed under the long term trend line and it has a high volume. So breakout is confirmed by volume.
But How I set these targets for BTC? just based on experience.
You can have a look on HOTUSDT and WINUSDT. They retrace same. A wedge and a sea waves-kind pattern. Draw a Fibonacci and see what's going on. BTC is the same.
I saw this pattern on multiple timeframes. Every time I saw a wedge and a downside breakout, there was a sea waves pattern in downtrend. I found the levels by testing several examples.
So this is my simple analysis and targets of bitcoin.
I wish the best for us.