In the 2-hour timeframe, Bitcoin is trying to stabilize above the 2-hour and 4-hour middle Bollinger lines.
The $69,500 level is an important resistance in front of Bitcoin, if Bitcoin fails to pass this resistance, a head-and-shoulders pattern scenario is likely.
Otherwise, above the $69,000 level, the Bitcoin scenario will change. (This analysis will be updated later)
โ๐ฅIf you are satisfied with my analytical content, please share my ideas๐ฅโ โ๐ฑโ๐คOtherwise, make sure you leave comments and let me know what you think.๐ฑโ๐คโ ๐พThank you for your support. I hope you will gain profit by following my analyses.๐พ
๋ ธํธ
According to the scenario, Bitcoin returned to the high demand zone, but failed to consolidate within this zone as sell pressure increased.โ๐ฅ Now, if you have an open sell position, risk-free it, because by the end of today and early tomorrow, expect a sharp drop in price and then it will return to the pitchfork structure in the daily time. Follow us for more analysis.โ
๋ ธํธ
As we said earlier, Bitcoin returned to the bullish pitchfork structure after its crash. In this analysis, we examine the structure of the inner pitchfork.โ๐ฅ As long as the price stabilizes above $64,581 (red zone), its upward path to the levels of $67,280 to $68,000 is unstoppable.โ The appropriate stop for long positions is around the $63,450 to $64,000 level.โ
๋ ธํธ
The first target was reached โ๐ฅ. I'm a little tired, so I'll leave the Bitcoin to you for now. I will not keep my long positions open after $68,000 (I am already risk-free). I expect the price to fluctuate near the middle line of the pitchfork, so it is a risky trade.โ Tomorrow we will analyze Dominance, Bitcoin, and Ethereum with full energy.โ
๋ ธํธ
According to the scenario, Bitcoin faced sell pressure after reaching $68,000 and stopped around the $67,000 level.โ๐ฅ The possible scenario of the price shows the return of the Bitcoin to the level of $64,500.โ I see the downward scenario as more likely, but there is a possibility of the price returning to the upward trend and reaching the level of $68,980.โ
๊ฑฐ๋์ฒญ์ฐ: ํ๊ฒ ๋ฟ์
According to the scenario, the price returned to the specified area and re-entered the bullish rally.โ๐ฅ In this area, according to the volume drawn on the chart, above the specified level, a lot of selling pressure can be expected for Bitcoin. As the price reaches the specified area, Bitcoin stops slightly in the red area.โ If the conditions of the market sentiment are not affected by the exogenous factor, there is a possibility of an upward price break in the red zone. Of course, this breakout requires stronger candles in the 4-hour structure.โ It remains to be seen whether market bulls can offset the compressed volume ahead with a decent buying volume.โ
๊ฑฐ๋์ฒญ์ฐ: ์คํ ๋ฟ์
The bullish scenario was canceled as the selling pressure intensified.โ The price is now returning to the support area within the pitchfork structure.โ Due to the strength of bearish candles, there is a possibility that lower pivots will be tested.โ
๊ฑฐ๋์ฒญ์ฐ: ํ๊ฒ ๋ฟ์
According to the analysis scenario, Bitcoin returned to the specified level with increasing selling pressure.โ๐ฅ If the price stabilizes above the red support level, Bitcoin can move back into the fork structure.โ Otherwise, the price may fall to the specified floor.โ This Bitcoin analysis post was also successfully completed. โถWe will start with a new post next week.โถ