In this chart, several guard rail, long-term trend line and Fibonacci tools are used.
What the Guardrail tool shows is that we have a resistance zone in the weekly time frame between 21100 and 22400. This is exactly where the price has stopped for now.
Also, the guardrail shows us two very strong resistance and support ranges in the weekly time frame, which I believe for the next upward movement of Bitcoin, we need to first approach the support range and then move towards the resistance range from there.
The range of strong support is around 9900 to 11500 and also the range of strong resistance is around 32750 to 36400.
Using the Fibonacci tool, from resistance to support, the Fibonacci range has been determined to extract important areas. According to the Fibonacci tool, it seems that the price should first move towards 26550 and then fall from there to 13300 and then can decide to move upward.
Two long-term trend lines are drawn, which is the thick line for the line chart and the thin dashed line for the candlestick chart, drawn from the end of the shadows.
As this trend line shows, the price is now below the long-term uptrend line and until this long-term trend line is broken upwards, any price rise is a bear trap.
I will be happy if you leave your comments below this analysis.
What the Guardrail tool shows is that we have a resistance zone in the weekly time frame between 21100 and 22400. This is exactly where the price has stopped for now.
Also, the guardrail shows us two very strong resistance and support ranges in the weekly time frame, which I believe for the next upward movement of Bitcoin, we need to first approach the support range and then move towards the resistance range from there.
The range of strong support is around 9900 to 11500 and also the range of strong resistance is around 32750 to 36400.
Using the Fibonacci tool, from resistance to support, the Fibonacci range has been determined to extract important areas. According to the Fibonacci tool, it seems that the price should first move towards 26550 and then fall from there to 13300 and then can decide to move upward.
Two long-term trend lines are drawn, which is the thick line for the line chart and the thin dashed line for the candlestick chart, drawn from the end of the shadows.
As this trend line shows, the price is now below the long-term uptrend line and until this long-term trend line is broken upwards, any price rise is a bear trap.
I will be happy if you leave your comments below this analysis.