BITCOIN: This Zone is a Major Factor to Consider Next! for CRYPTO:BTCUSD by VincePrince
Hello Community, welcome to my new analysis of BTCUSD from a daily timeframe perspective. As I already mentioned in my previous analysis, BTCUSD is in a decisive state in which major next factors could decide whether BTCUSD continues the bearish trend or manages to reverse on the way. Therefore, I have detected all the important factors to consider in this current dynamic. When looking at my chart, we can see how BTCUSD still trades within this channel formation developing in the overall …
Hello Community,welcome to my new analysis of BTCUSD from a daily timeframe perspective. As I already mentioned in my previous analysis, BTCUSD is in a decisive state in which major next factors could decide whether BTCUSD continues the bearish trend or manages to reverse on the way. Therefore, I have detected all the important factors to consider in this current dynamic. When looking at my chart, we can see how BTCUSD still trades within this channel formation developing in the overall bearish trend direction. The descending resistance line serves as a major resistance that BTCUSD has already rejected several times previously. Now, it is testing this zone again and is likely to increase bearish pressure from here on. Overall, if BTCUSD drops below the lower boundary, this is going to complete the channel formation as a bearish flag, and BTCUSD will activate the lower zones. If BTCUSD moves into them increases momentum heavily and drops below the level marked in my chart, this could lead to a bearish continuation in the bearish drop continuation zone. For BTCUSD to reverse this whole bearish trend and complete the major descending wedge formation I already pointed out on the higher timeframes, it is highly important for the support zone to hold and for BTCUSD to break out above the upper boundary of the descending wedge formation. Once the final zones have been reached, the next steps will be highly important. In this manner, thank you a lot for watching!The support is highly appreciated. VPDisclaimerThe information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in theTerms of Use.