Bitcoin Top to Bottom Analysis

5 במרץ 2022

Monthly chart: indicates that there has been a divergence in MACD and we can see the double top formation that was a wholistic overview, but the last three candles indicate that if the price broke below 32917 and closed below this it will complete as an inside bar which is bearish and on the downside
*based on the Weekly chart 28850 is the support, whereas if the price can break out from 47900 and closed above it will start the next upside up to 64850
* on the Daily chart there is no momentum and we can see clear consolidation the price making choppy moves not respecting the 50ema band

My Take: let's wait for the breakout
because there has been uncertainty in the market with UKR & RUSS war
and rumor of Russia to adopt bitcoin or the money flow might increase from the Russian side in BTC
instead taking bias better to follow the chart analysis and trade according to levels