Hi Traders
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year.
With most cryptocurrencies selling off lately (except Shiba Inu), it's a difficult time in the market to call for a clear direction - bullish or bearish?
In the Bitcoin chart, we saw definitive buying pressure on the major support zone of $17700 - $18K. However, we still face a formidable resistance zone at $21K - $22K. If we retest this resistance zone and are unable to close candles ABOVE it, it's likely to return back to the major support zone of $17k range (or possible lower) to find enough buying pressure to stabilize the price. This will hold true for other cryptocurrency as well such as Ethereum and other altcoins.
This supply zone / resistance of $21K - $22K is an important zone to watch and ideally to start considering a bullish reversal, we would need to get back to closing candles ABOVE this range.
Technical indicator Phoenix ascending is showing us that short term buying pressure is running out. From a near term perspective 3D and from the weekly timeframe , we can see the indicator is still bearish and it is still possible for the price of Bitcoin to fall lower.
What are your thoughts on Bitcoin?
_________________
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CryptoCheck
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year.
With most cryptocurrencies selling off lately (except Shiba Inu), it's a difficult time in the market to call for a clear direction - bullish or bearish?
In the Bitcoin chart, we saw definitive buying pressure on the major support zone of $17700 - $18K. However, we still face a formidable resistance zone at $21K - $22K. If we retest this resistance zone and are unable to close candles ABOVE it, it's likely to return back to the major support zone of $17k range (or possible lower) to find enough buying pressure to stabilize the price. This will hold true for other cryptocurrency as well such as Ethereum and other altcoins.
This supply zone / resistance of $21K - $22K is an important zone to watch and ideally to start considering a bullish reversal, we would need to get back to closing candles ABOVE this range.
Technical indicator Phoenix ascending is showing us that short term buying pressure is running out. From a near term perspective 3D and from the weekly timeframe , we can see the indicator is still bearish and it is still possible for the price of Bitcoin to fall lower.
What are your thoughts on Bitcoin?
_________________
👀 Follow us here on TradingView for daily updates and trade ideas on cryptocurrency, stocks and commodities 💎
👍Hit like & Follow 🔔
We thank you for your support !
CryptoCheck
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THESE Factors could be driving a crypto crash:
