Hey friends, hope you are well and welcome to the new update on the Bitcoin ( BTC )
The triangle and volume:
The price action of the leading cryptocurrency is still at the support of the triangle on the daily time frame chart. The volume is still too low to confirmed a break down. After placing the volume profile on the complete priceline of BTC moving within the triangle it can be observed that the traders interest is low below the support of this pattern and even above the resistance as well.
The strongest support:
On weekly chart, it can be seen that the price action of the king of all cryptocurrencies has found a very strong support at $30K and likely to have a bounce for the long term move.
And if we take a look at the Bollinger bands and the stochastic on the same weekly chart, then price action has found a good support at the lower bands and the Stochastic oscillator has given buying signal from the oversold zone.
A bullish Cypher pattern:
On daily time frame chart, the price action of BTC has also formed a bullish Cypher pattern and likely to start a bullish move from the potential reversal zone of this pattern.
Falling wedge:
On 4-hourly chart, the price action has formed a falling wedge pattern which is considered as a bullish reversal pattern among the traders community. At the moment this pattern has very much importance while the price action is at the support of the triangle on daily time frame.
An expected death cross:
On daily time frame the 50 simple moving average is moving down to form a death cross with 200 SMA which is considered as a strong bearish signal among the traders community. But if you watch the history of the BTC then whenever the 50 simple moving average moves down to form the death cross, the price action moves down aggressively but after the death cross the priceline of Bitcoin starts a recovery rally.
Conclusion:
As the triangle on the daily time frame is squeezed therefore, the next few hours are very much important and we can expect a big move.
For more harmonic trading ideas you can join:
https://www.patreon.com/moon333
Link for Binance exchange, the best place to buy or sell Crypto:
https://www.binance.com/?ref=11256882
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