BTC Bitcoin: 1W Chart In depth
Hello friends, today you can review the technical analysis idea on a 1W linear scale chart for the Bitcoin ( BTCUSD ).
The chart is self-explanatory. The Bitcoin price has been heading down since the all time high and now below a major Support/Resistance Line around the 40K-44K area. The price may get supported by the 30K area, however if it falls below that area and keeps falling, expect the price to get supported by the Extreme Danger Zone Support Line I drew in the chart. Below that is the previous all time high support area. The RSI (Relative Strength Index) and MFI (Money Flow Index) charts show the major support and resistance lines showing historical trends. Volume has been consistent. Lastly, VPVR (Volume Profile Visible Range) shows areas where there is heavy trading.
Since the RSI and MFI are coming close to major support areas, the Bitcoin price has potential to rebound but keep an eye on the Volume and traditional markets as there may be a very good chance it may complete a Dead Cat Bounce and come back down again.
Lastly, the chart shows a Bear Flag formation which has a target at the Extreme Danger Zone Support Line. This is also a very important line to consider since the Bear Flag formation target is at the same area.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
The chart is self-explanatory. The Bitcoin price has been heading down since the all time high and now below a major Support/Resistance Line around the 40K-44K area. The price may get supported by the 30K area, however if it falls below that area and keeps falling, expect the price to get supported by the Extreme Danger Zone Support Line I drew in the chart. Below that is the previous all time high support area. The RSI (Relative Strength Index) and MFI (Money Flow Index) charts show the major support and resistance lines showing historical trends. Volume has been consistent. Lastly, VPVR (Volume Profile Visible Range) shows areas where there is heavy trading.
Since the RSI and MFI are coming close to major support areas, the Bitcoin price has potential to rebound but keep an eye on the Volume and traditional markets as there may be a very good chance it may complete a Dead Cat Bounce and come back down again.
Lastly, the chart shows a Bear Flag formation which has a target at the Extreme Danger Zone Support Line. This is also a very important line to consider since the Bear Flag formation target is at the same area.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
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