After a long period, as I predicted in the previous analysis, the price of Bitcoin fell. Bitcoin has a downward trend in the 4 hours. In the picture, I specified that both the market structure has changed (choch) and we are facing an equal ceiling, eql, which coincidentally overlaps with the carrier level in the middle block.
It is clear in the picture that the price once returned to the block order level and then declined. Now this retrace has also created an eql. This means that market makers may manipulate the price and push the price of Bitcoin above the ceiling to raise liquidity and then when many traders are fooled, the price will fall sharply.
In general, the direction of the market is declining, so you can use any price increase in smaller time frames for a sell position.
Well, with these interpretations, I have identified important support ranges in the image. As for Bitcoin crashing sooner or later, there is no fuel. I expect it to reach the prices of 28,300, 27,200 and 26,000 dollars respectively. With a loss limit of 6.33% and a profit limit of 11.25%, we have a sell position with a risk-to-reward of 1.78, which is acceptable. I set the loss limit to 31100.
It is clear in the picture that the price once returned to the block order level and then declined. Now this retrace has also created an eql. This means that market makers may manipulate the price and push the price of Bitcoin above the ceiling to raise liquidity and then when many traders are fooled, the price will fall sharply.
In general, the direction of the market is declining, so you can use any price increase in smaller time frames for a sell position.
Well, with these interpretations, I have identified important support ranges in the image. As for Bitcoin crashing sooner or later, there is no fuel. I expect it to reach the prices of 28,300, 27,200 and 26,000 dollars respectively. With a loss limit of 6.33% and a profit limit of 11.25%, we have a sell position with a risk-to-reward of 1.78, which is acceptable. I set the loss limit to 31100.
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