BTC Long & Short term update

30 באוג׳ 2022

Short Term:
Bitcoin is forming a falling wedge in a 4-Hour time frame which is a Bullish pattern But the price is trading below 50 MA.
I would expect some more upside if we regain above 0.618 fib level 📈
Bitcoin needs to close a candle above this pattern and clear the mark of $20,9k then we can expect some positive movement in price.
Also If enough shorts are liquidated, the market might see a volatile move to the upside.

Long Term:
Weekly RSI has reached below 30 only 3 times in history 🧐
Previous two times were in 2015 & 2018 in both cases it turned to be the macro bottom 🔥
So I would not ignore this signal 👀
BTC is again back to it's very important support zone which is also a 2017 bull market top. It must hold this support.
It is forming a falling wedge like pattern in the weekly time frame.
If BTC holds this support then we can see some bounce in upcoming weeks.

Support Levels:
Three increasingly more painful BTC levels according to on-chain. 19k, 16k and 13k.
All of them are likely to act as supports, Any close below this support (19k) will take us to 15k-16k level. Let's see BTC is able to hold this support or not.

Keep in mind that Bitcoin is still heavily affected by three factors: the U.S. Federal Reserve (Fed), the strength of the U.S. dollar, and the upcoming Ethereum “Merge” so keep an eye on them