Hello, good evening.
Here is my analysis of the price action of Bitcoin as of today. In the bigger picture, I have identified a head and shoulders pattern on the weekly time frame, along with the support trend line that Bitcoin is currently following. This suggests the possibility of Bitcoin revisiting the $15,000 to $18,000 range. To establish a healthy support trend line, we should observe a similar volume of buyers at that level. However, if the price of Bitcoin fails to hold at the $24,000 to $25,000 level and the volume cannot sustain at that price, Bitcoin could easily retrace to the aforementioned $15,000 to $18,000 range. Since I'm speaking for the weekly forecast, this will take time since we are eyeing the movement on weekly time frame.
In the daily time frame, I've observed that the immediate support is represented by the green box within the range of $24.9k to $25.8k. Furthermore, the head and shoulders pattern is still evident. In terms of price action, it's desirable to witness a significant uptrend within that range. If this occurs, it indicates that many buyers or bullish traders are still interested in a substantial price increase.
When Bitcoin experiences an upswing, it is likely that some large-cap altcoins will also follow.
In my personal opinion, we may be at the market bottom, with the bearish season potentially coming to an end and a new market phase on the horizon.
Always remember to trade responsibly.
Here is my analysis of the price action of Bitcoin as of today. In the bigger picture, I have identified a head and shoulders pattern on the weekly time frame, along with the support trend line that Bitcoin is currently following. This suggests the possibility of Bitcoin revisiting the $15,000 to $18,000 range. To establish a healthy support trend line, we should observe a similar volume of buyers at that level. However, if the price of Bitcoin fails to hold at the $24,000 to $25,000 level and the volume cannot sustain at that price, Bitcoin could easily retrace to the aforementioned $15,000 to $18,000 range. Since I'm speaking for the weekly forecast, this will take time since we are eyeing the movement on weekly time frame.
In the daily time frame, I've observed that the immediate support is represented by the green box within the range of $24.9k to $25.8k. Furthermore, the head and shoulders pattern is still evident. In terms of price action, it's desirable to witness a significant uptrend within that range. If this occurs, it indicates that many buyers or bullish traders are still interested in a substantial price increase.
When Bitcoin experiences an upswing, it is likely that some large-cap altcoins will also follow.
In my personal opinion, we may be at the market bottom, with the bearish season potentially coming to an end and a new market phase on the horizon.
Always remember to trade responsibly.