Extreme Bitcoin Dump | BTC Breaks Down Bullish Biased Pattern

By moon333 | moon333 | 6 May 2022


Hi, friends hope you are well and welcome to the new update on Bitcoin.

 

Big bullish Cypher move:

In Jan 2022, Bitcoin formed a bullish Cypher pattern, which I shared with you, then it rallied well but now again moving down to the potential reversal zone of the same pattern:

snapshot

Click here to visit this old idea

 


Down channel and rising wedge:
While moving up from the buying zone of Cypher, BTC also broke out a down channel and formed a rising wedge pattern. Now Bitcoin has broken down the support of the rising wedge .

snapshot


Bearish pennant:
After breaking down a rising wedge pattern, Bitcoin formed another bearish pennant which is considered a bullish biased pattern. But finally, BTC broke down the support of this pennant . Now the next major support is at $33K.

snapshot

 

 

For more details you can also watch the below video:


Weekly view:
On a weekly time frame, BTC is forming higher highs and higher lows and formed up trendline support, this time this support is approximately at $33800.

snapshot


Conclusion:
Bitcoin has started breaking down bullish biased patterns which is a bit critical. But on the weekly view it is still forming higher highs and higher lows, therefore we need to keep our eyes on this weekly support now.



Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade

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moon333
moon333

Hi, My name is Atif Akbar and I am a trader and trading charts author


moon333
moon333

Hi my name is Atif Akbar and i am trading charts author of different assets like crypto, forex, commodities, CFDs Stocks e.t.c.

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