BITCOIN - At the edge of the precipice!
Hello, I want to analyze bitcoin completely for you.
On a monthly timeframe, each of these candles represents the movement of bitcoin over one month. In the sections I have numbered, you can see that Bitcoin has been declining for three consecutive months, which is, in fact, a model of correction of the rising price of its previous months.
The green candle (February) can be a rest candle and the correct part of this movement. The $ 46,350 and $ 38,350 points are very important because they are the ceiling and bottom price of Bitcoin last month and the previous candle. These points have a psychological effect on the market as a whole. When it reaches a high price, the selling pressure increases, and when it reaches a low price, the buying pressure rises.
If it breaks the upper shadow of the previous candle ($ 48,000), it will compete with the previous candle. So if it breaks the $ 48,000 and stabilizes its high price, we will see a good climb. But now it's too early to talk about $ 48,000 because Bitcoin is currently engaged in many reactions, especially at lower timeframes, which I will analyze.
On a monthly timeframe, each of these candles represents the movement of bitcoin over one month. In the sections I have numbered, you can see that Bitcoin has been declining for three consecutive months, which is, in fact, a model of correction of the rising price of its previous months.
The green candle (February) can be a rest candle and the correct part of this movement. The $ 46,350 and $ 38,350 points are very important because they are the ceiling and bottom price of Bitcoin last month and the previous candle. These points have a psychological effect on the market as a whole. When it reaches a high price, the selling pressure increases, and when it reaches a low price, the buying pressure rises.
If it breaks the upper shadow of the previous candle ($ 48,000), it will compete with the previous candle. So if it breaks the $ 48,000 and stabilizes its high price, we will see a good climb. But now it's too early to talk about $ 48,000 because Bitcoin is currently engaged in many reactions, especially at lower timeframes, which I will analyze.
Comment:
In the weekly timeframe , as you can see, we have three correction candles (No. 1), and then we have the base candlesticks . Then we have the correction candlesticks again, and now we have the base candle, which compensates for some of these movements. Bitcoin does not have a good structure in a weekly timeframe because the last weekly red candle did not close completely above the previous red candle ($ 43,000). The selling pressure will be high until the weekly candle above this range is completed. So, in general, the situation is not very interesting in the weekly timeframe .
Comment:
Well, on a daily timeframe , We have two channels. One is the long-term descending channel and the ascending channel that was created, and this is the area between the two channels. Usually, when a high-powered channel is broken, they then have a pullback to that important area.
As you can see in the chart, the falling candlesticks have gotten smaller over the past few days. Why? Because this has been an important area. The price reaction in the yellow range will determine bitcoin's next move. This range is the Bitcoin decision range. The specific target above Bitcoin is in the range of $ 47,000.
We are not dealing with higher moves now, and in case of a good price reaction up to the range of $ 47,000, we will analyze higher targets. Bitcoin , on the other hand, may go as low as $ 40 ,500 in the middle of the channel because it has to collect orders below the previous channel's ceiling area.
The worst thing that can happen is that the bottom line of the canal is empty, and if you cross it, it will go down to the bottom of the channel. Then I will have reactions there again. I think the yellow range is right for you to buy right now.
As you can see in the chart, the falling candlesticks have gotten smaller over the past few days. Why? Because this has been an important area. The price reaction in the yellow range will determine bitcoin's next move. This range is the Bitcoin decision range. The specific target above Bitcoin is in the range of $ 47,000.
We are not dealing with higher moves now, and in case of a good price reaction up to the range of $ 47,000, we will analyze higher targets. Bitcoin , on the other hand, may go as low as $ 40 ,500 in the middle of the channel because it has to collect orders below the previous channel's ceiling area.
The worst thing that can happen is that the bottom line of the canal is empty, and if you cross it, it will go down to the bottom of the channel. Then I will have reactions there again. I think the yellow range is right for you to buy right now.
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