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BTC Daily & Weekly Technical Analysis: Down Trend Continuation & last bearish leg of the Bear market!


 

Moving averages that I will use for analysis
- MA 19: the white.
- MA 38: the orange.
- MA 62: the blue.

When the price goes below the three moving averages and especially the MA 62 in blue, it is a big bearish signal and the start of a last bearish leg of the Bear market, following the order below:
- The MA 62 above the others.
- The MA 38 in the middle
- The MA 19 at the bottom,


I took the 2018 bear market bottom and the 2021 ATH at 69K to draw the Fib and Volume Profile Fixed Range.
- the 50% fib is at $14,677 with the last major Long liquidation peaks via the King fisher map.
- The 61.8% fib in confluence with10K the key level tested several times as support and resistance with large volumes traded.

The 10K are at -85% from the last ATH at 69K, and during the last two cycles we have corrected up to -85% on BTC, it is possible that we will go even lower than 10K or never! so we will simply stop around 14K to 15K at 50% fib, and the last scenario for me and the least likely is that we have already reached a Bottom at 17.6K!

https://www.tradingview.com/x/9MVRWTyW/

 

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The same scenario in the bear market of 2014/2015 with the 3 moving averages which followed by a last bearish leg up to -86.9% retracement since the last ATH.


https://www.tradingview.com/x/YeNtWA8m/ 

 

7961f848bfe07127f7bd089448823fa4ff9f4408c6a2ba4576d4f31e3cb44f4d.png

 

 

The break of strucutre in Daily is in strength after the rejection of the 61.8 level on the RSI and the breakout of $22610 as the last low based on the closes. Now we are testing the next support at $21200

The exit from the bullish channel from below confirms the bear flag and the return of sellers in Daily but who are still here in Weekly.

If we lose the $21,200 we still have the $20,700 and otherwise nothing to prevent us from going to $19,300.

https://www.tradingview.com/x/PzMAXjB2/ 

 

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FreedomBuilder
FreedomBuilder

Crypto investor, trader & holder, looking for to build my freedom with the Blockchain technology.


Trading The King of Crypto
Trading The King of Crypto

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