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Let’s move on to the Bitcoin analysis. Bitcoin is still in correction mode and moving toward the 110000 zone. Let’s see how the market looks today.
⏳ 4-Hour Timeframe
Yesterday, Bitcoin made a pullback to the 116829 zone and is now ready to continue its decline.
💥 First, let’s check the RSI. This oscillator is very close to the 30 zone, and if this zone breaks, market momentum can turn bearish.
📉 The next support for this oscillator is 24.60. Based on the chart’s history, the probability of RSI being supported at this zone is high, but the distance between this zone and 30 can also trigger a sharp drop.
✔️ The price zone that Bitcoin could reach if RSI moves downward is 112233. The trigger for this bearish move was 114790, which is already being broken with this 4-hour candle. Let’s switch to the 1-Hour timeframe to see more details.
⏳ 1-Hour Timeframe
As you can see in this timeframe, after the pullback to 116829, a trigger formed at 114790, and the price is now breaking this zone.
📊 Given that RSI was rejected from the 50 zone, the price set a lower high compared to 116829, and the selling volume in the current candle increased, the probability of a move toward 112233 has increased significantly.
⭐ For a short position, we can enter with the break of this zone. As usual, I won’t open any position as long as Bitcoin is above 110000, and I recommend you don’t open shorts for now either.
📈 For a long position, the first trigger we have is the break of 116289. In case the break of 114790 turns out to be fake, we can also open a long position by confirming a V-Pattern.
❌ Disclaimer ❌
Trading futures is highly risky and dangerous. If you're not an expert, these triggers may not be suitable for you. You should first learn risk and capital management. You can also use the educational content from this channel.
Finally, these triggers reflect my personal opinions on price action, and the market may move completely against this analysis. So, do your own research before opening any position.
Let’s move on to the Bitcoin analysis. Bitcoin is still in correction mode and moving toward the 110000 zone. Let’s see how the market looks today.
⏳ 4-Hour Timeframe
Yesterday, Bitcoin made a pullback to the 116829 zone and is now ready to continue its decline.
💥 First, let’s check the RSI. This oscillator is very close to the 30 zone, and if this zone breaks, market momentum can turn bearish.
📉 The next support for this oscillator is 24.60. Based on the chart’s history, the probability of RSI being supported at this zone is high, but the distance between this zone and 30 can also trigger a sharp drop.
✔️ The price zone that Bitcoin could reach if RSI moves downward is 112233. The trigger for this bearish move was 114790, which is already being broken with this 4-hour candle. Let’s switch to the 1-Hour timeframe to see more details.
⏳ 1-Hour Timeframe
As you can see in this timeframe, after the pullback to 116829, a trigger formed at 114790, and the price is now breaking this zone.
📊 Given that RSI was rejected from the 50 zone, the price set a lower high compared to 116829, and the selling volume in the current candle increased, the probability of a move toward 112233 has increased significantly.
⭐ For a short position, we can enter with the break of this zone. As usual, I won’t open any position as long as Bitcoin is above 110000, and I recommend you don’t open shorts for now either.
📈 For a long position, the first trigger we have is the break of 116289. In case the break of 114790 turns out to be fake, we can also open a long position by confirming a V-Pattern.
❌ Disclaimer ❌
Trading futures is highly risky and dangerous. If you're not an expert, these triggers may not be suitable for you. You should first learn risk and capital management. You can also use the educational content from this channel.
Finally, these triggers reflect my personal opinions on price action, and the market may move completely against this analysis. So, do your own research before opening any position.
💥 Don’t Miss Out!
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🤵 Business Contact: [email protected]
🏆 Trade & Earn : bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: [email protected]
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
💥 Don’t Miss Out!
🏆 Trade & Earn : bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: [email protected]
🏆 Trade & Earn : bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: [email protected]
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.