📌 Technical Analysis:
In the 4-hour timeframe, by examining Bitcoin, we can see the breaking of the uptrend line (black line) we discussed in yesterday's analysis. With this break, we can expect a price decline towards the first step of the trading range, which is the price range of $29,500.
⏪ An important point to note is that the price has not been able to break the price ceiling of July 12 at 3:30 PM, which was $10,000, by forming a price ceiling. This could make the scenario of a price decline more likely.
⏪ Another important point is that in addition to the cross of the RSI indicator line (purple line) with the moving average (yellow line) downwards, which could be a warning of a Bitcoin price decrease, the RSI indicator has also broken its uptrend line from below. Therefore, if the price returns to this trend line after a pullback, and encounters good resistance, we can expect further price declines for Bitcoin.
✍️ Summary: Considering the fact that the price is in an important resistance zone and the possibility of forming a Wyckoff theory (a theory for possible price rotation) in lower timeframes, we expect this resistance level (monthly supply base) to act on its nature and push the price towards lower targets (such as $28,500 and $26,000). Therefore, the most likely scenario for Bitcoin's price until it definitively breaks and stabilizes above the $32,400 level is that any price increase could be a good opportunity for sellers to enter.
In the 4-hour timeframe, by examining Bitcoin, we can see the breaking of the uptrend line (black line) we discussed in yesterday's analysis. With this break, we can expect a price decline towards the first step of the trading range, which is the price range of $29,500.
⏪ An important point to note is that the price has not been able to break the price ceiling of July 12 at 3:30 PM, which was $10,000, by forming a price ceiling. This could make the scenario of a price decline more likely.
⏪ Another important point is that in addition to the cross of the RSI indicator line (purple line) with the moving average (yellow line) downwards, which could be a warning of a Bitcoin price decrease, the RSI indicator has also broken its uptrend line from below. Therefore, if the price returns to this trend line after a pullback, and encounters good resistance, we can expect further price declines for Bitcoin.
✍️ Summary: Considering the fact that the price is in an important resistance zone and the possibility of forming a Wyckoff theory (a theory for possible price rotation) in lower timeframes, we expect this resistance level (monthly supply base) to act on its nature and push the price towards lower targets (such as $28,500 and $26,000). Therefore, the most likely scenario for Bitcoin's price until it definitively breaks and stabilizes above the $32,400 level is that any price increase could be a good opportunity for sellers to enter.