BTC is at very important level now. MA50 ( 4hours TF ) is holding movement from below and MA50 ( Daily TF ) is controlling movement from above. So next hours will be very important for bulls to use MA50 ( 4hours TF ) to hold their lead on BTC !
Based on CME information : CME institutional are still very confident in the bear market, and they gained even more shorts last week, which are almost 3 times more than longs.
Now Based on sentimental analysis; Market makers will try to take advantage of this status on mid week; So there is a chance to have a quick liquidity event specially on BTC which is going to be so quick to shake weak hands one more time... And it will cause a bull trap by doing this and then we may see more volatility on both sides and so; Day traders will try to cash out of BTC to see what will happen on market ! In continue we'll see a rejection on MA50 ( 4hour TF ); Because of recent cash outs !
We mentioned 3 types of vision on BTC ( Technical - Fundamental, Information - Sentimental ).
After all the proper vision is for price action. There is a resistance zone ( 56750$ - 56300$ ) which formed because of master candle's shadow ( on 15mins TF ) and order block on recent retest on current level. So we expect a rejection here and below lower yellow zone ( 54400$ - 54000$ ) will confirm that bears are taking the lead ! BTC don't have enough volume to have a huge volatility in minor directions; And cause of this reason, Major lines will select the direction for BTC ! Now there is a major support line ( in low TF - 1hour's chart ) at 52300$; It's formed at the bottom of a gravestone DOJI candle. /" In continuation; If 52300$ failed to hold BTC, Then we may see a engulf formation on movement and make lower our targets to lower support zone ( 49500$ - 49150$ ). Also this support zone has formed because of master candle's shadow.
β This setup is not suggested to in bull market; But in current situation with current BTC's dominance rate. It's highly possible for BTC to act as our plan ! π΄ Any 4H close above 57450$ can invalidate this trading plan.
π The most important scales are moving averages; It seems that they are forming a triangle in continuation of their movement.
Hope you enjoyed our analysis about BTC's possible rejectionπ You can support us with your likes. Also you can share your opinion with us in comments πππΌββοΈ
Attention: this isn't financial advice we are just trying to help people on their own vision.
This theory is completely wrong. You did not take into account one point and that is the volume of spot trading. People do not know what the technical move is. They buy at every opportunity. Prices are always fluctuating, but the market is still bullish and regular.
electricalHope22604
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@aliamir91baba, Sorry to burst your bubble bro. Not enough volume on demand (even at the dips). The truth is 1 whale can push all retail out, and as it is demand for BTC has been dropping. And the only people who can push the price up are the whales.. we just ride the wave bro. Stop being closed minded.
alimooo
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@electricalHope22604, If it is a wall, you can not understand by technical analysis when bitcoin will fall.
electricalHope22604
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@alimooo, I also dont think this is entirely true. Candle sticks and volume form patterns and generally patterns tell a story. You may choose to believe otherwise, but TA is the only way to understand the psychology and fundamentals of trading -- using this, we can try our best to assign probability to the next moves of an asset.
@Helical_Trades, Haha nah bro, Euphoria and hope can really kill dreams; Being realistic like yourself will take you far -- Keep up the good work. A few People on TV post good info but alot ignore it and only conform to their biases and see what they want to see. I traded in the 2017 market and I can only say, alot of fresh bloods in here don't know what's ahead of them.
Helical_Trades
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@alimooo, So you can use order books on major exchanges or simulator chart !
Helical_Trades
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@electricalHope22604, Totally Agreed with your sight !
Thanks for your wise comment.
@King_David888, Once Btc correction is over -- look for targets 52, 50, 46, 40.. alt season parabolic rises will start. We saw it with ETH already. Then bull run is over haha