Hello all my subscribers. Today, I’ll express my idea about BTC movement in the short-term. In this report, I don’t use any indicators (RSI, MACD,..). My analyst is just based on bull-bear principle. Ok, LET BEGIN.
I. General observation:
After reaching top 25,000, from 17-Feb-2023 to 24-Feb-2023. Price is mainly moving sideway in range box (23,000-25,000). It’s normal because price need to move sideway & adjust after strong bullish movement. Sideway period show us fierce battle between bull & bear. There are two base area where we should pay attention
1. Strong resistance: 25,000-25,200
2. Weak support: 23,300-23,500
II. Analyst
Price try to break strong resistance many times but unsuccessfully, proved by three set of bearish englufing at strong resistance. In the lastest movement, price drop back bull-base. Bull entered and try to get market dominance but failed. Additinally, weak support can not stand, price drop under 25,300.
III. Conclusion
Based on above analysts, it is easy for making conclusion that in the short term, BTC will keep its downtrend. We have two strong support 21,600-22,000 and 20,400-20,700. The high probability that price need to adjust to this area. Therefore, I recommend that should stand outside, prepare capital for next bullish wave.
I. General observation:
After reaching top 25,000, from 17-Feb-2023 to 24-Feb-2023. Price is mainly moving sideway in range box (23,000-25,000). It’s normal because price need to move sideway & adjust after strong bullish movement. Sideway period show us fierce battle between bull & bear. There are two base area where we should pay attention
1. Strong resistance: 25,000-25,200
2. Weak support: 23,300-23,500
II. Analyst
Price try to break strong resistance many times but unsuccessfully, proved by three set of bearish englufing at strong resistance. In the lastest movement, price drop back bull-base. Bull entered and try to get market dominance but failed. Additinally, weak support can not stand, price drop under 25,300.
III. Conclusion
Based on above analysts, it is easy for making conclusion that in the short term, BTC will keep its downtrend. We have two strong support 21,600-22,000 and 20,400-20,700. The high probability that price need to adjust to this area. Therefore, I recommend that should stand outside, prepare capital for next bullish wave.