Bitcoin is at a large level of support. Price is having a short term recovery with poor volume which indicates that this support level is weak. If this support was valid BTC would have bounced to 45k.
The MFI on the 2h chart is looking strong but could turn bearish very quickly.
BTC is trading below the 200SMA which is a bearish signal.
BTC is also trading below all of the EMA Ribbons. These EMA Ribbons were previously used as a strong level of support. BTC has held above the EMA Ribbons for a good period of time. BTC is looking to hold below these EMA Ribbons with a good amount of selling volume.
On the 2h chart we are also seeing a one-body candlestick formation which is bearish due to the fact that the latest candle did not have the ability to close or wick above the previous candle. This candlestick formation is bearish once spotted on a strong level of support.
BTC also doesn't have a large volume spike which would make this support valid. I would wait before going long on BTC. This support needs to be confirmed by a large amount of volume and a leg up in the price of BTC.
TD Sequential is also looking bearish because we have a green 4 that is about to close below a green number 3. This indicates that we have an invalid uptrend. BTC made an attempt to break the downtrend but is looking to fail.
BTC could bounce from here, or break the support and drop to around 29-35k.
*WARNING* This thread and analysis is not financial advise. I am not a financial advisor.
Thank you for reading.
The MFI on the 2h chart is looking strong but could turn bearish very quickly.
BTC is trading below the 200SMA which is a bearish signal.
BTC is also trading below all of the EMA Ribbons. These EMA Ribbons were previously used as a strong level of support. BTC has held above the EMA Ribbons for a good period of time. BTC is looking to hold below these EMA Ribbons with a good amount of selling volume.
On the 2h chart we are also seeing a one-body candlestick formation which is bearish due to the fact that the latest candle did not have the ability to close or wick above the previous candle. This candlestick formation is bearish once spotted on a strong level of support.
BTC also doesn't have a large volume spike which would make this support valid. I would wait before going long on BTC. This support needs to be confirmed by a large amount of volume and a leg up in the price of BTC.
TD Sequential is also looking bearish because we have a green 4 that is about to close below a green number 3. This indicates that we have an invalid uptrend. BTC made an attempt to break the downtrend but is looking to fail.
BTC could bounce from here, or break the support and drop to around 29-35k.
*WARNING* This thread and analysis is not financial advise. I am not a financial advisor.
Thank you for reading.
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.