Hello traders 🐺 .
in this idea I wanna analysis BTC in all time frames , so for better understanding of the market situation make sure to read this idea until the end 🙏 .
in these days all of us currently testing almost a short term bear market but generally and in the higher time frames like daily and weekly , BTC is still bullish ; so as usual let's start with the weekly chart :
in the weekly chart we can see BTC is in the ascending channel so we can conclude that in the higher time frame BTC is in the uptrend and we have a very clear ascending channel in the chart , but let's talk about the more details in the chart :
as you know one of the famous indicator in the technical analysis is the EMA or exponential moving average , which I personally prefer to use EMA ribbon which is the combination of the 8 EMAs from the 21ema down to the 55ema .
in the chart above we can see BTC currently trying to test first line of the EMA ribbon which is the 21ema and as you know 21ema is the one of the famous EMA in the technical analysis and also BTC like to react to it very well , in the picture above we can see 21ema is very close to 0.618 Fibonacci retracement level ; so there is a strong chance for BTC price to find support from this level because in this price area we have 4 points of confluence which is :
1_ 21ema 2_ 0.618 Fibonacci level 3_ ascending channel trend line 4_ weekly support structure (red box)
but what happen if BTC fail to hold 0.618 Fibonacci level 🤔? the answer is in the chart :
as you can see in the chart the next important support level is near to 0.786 Fibonacci level and lower weekly support structure , also in the road to the 0.786 we have a lot of EMAs to hold price from free fall 😢😒 , this is one of the reasons that I prefer to use EMA ribbon rather than single 21eme or combination of 3 EMAs ; because of the nature of the BTC there is chance to test 0.786 by the very long wick but if price close the weekly candle below the weekly support structure and 0.618 Fibonacci level I think there is chance for bears to start a bear market , but guys always remember to don't be emotional and keep calm.
let's look at the daily chart :
guys I can't believe what I am seeing right now is this a fractal ?🤯
when I opened the daily chart I amazed because in my opinion this is a very beautiful and Rare fractal ; and here is my reason for this :
if you attention to the chart you can see previous when BTC hit the ascending channel upper trend line was created a bearish divergence in the RSI and after the confirmation price start to retracement exactly to the 0.618 Fibonacci level and after break out from the flag pattern start to pump ,
and this is exactly the same pattern which we had previously in the chart and in my opinion if price can hold above the 0.618 and break out from the flag pattern BTC can pump again to the ATH .
🐺I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for reading my idea🐺
in this idea I wanna analysis BTC in all time frames , so for better understanding of the market situation make sure to read this idea until the end 🙏 .
in these days all of us currently testing almost a short term bear market but generally and in the higher time frames like daily and weekly , BTC is still bullish ; so as usual let's start with the weekly chart :
in the weekly chart we can see BTC is in the ascending channel so we can conclude that in the higher time frame BTC is in the uptrend and we have a very clear ascending channel in the chart , but let's talk about the more details in the chart :
as you know one of the famous indicator in the technical analysis is the EMA or exponential moving average , which I personally prefer to use EMA ribbon which is the combination of the 8 EMAs from the 21ema down to the 55ema .
in the chart above we can see BTC currently trying to test first line of the EMA ribbon which is the 21ema and as you know 21ema is the one of the famous EMA in the technical analysis and also BTC like to react to it very well , in the picture above we can see 21ema is very close to 0.618 Fibonacci retracement level ; so there is a strong chance for BTC price to find support from this level because in this price area we have 4 points of confluence which is :
1_ 21ema 2_ 0.618 Fibonacci level 3_ ascending channel trend line 4_ weekly support structure (red box)
but what happen if BTC fail to hold 0.618 Fibonacci level 🤔? the answer is in the chart :
as you can see in the chart the next important support level is near to 0.786 Fibonacci level and lower weekly support structure , also in the road to the 0.786 we have a lot of EMAs to hold price from free fall 😢😒 , this is one of the reasons that I prefer to use EMA ribbon rather than single 21eme or combination of 3 EMAs ; because of the nature of the BTC there is chance to test 0.786 by the very long wick but if price close the weekly candle below the weekly support structure and 0.618 Fibonacci level I think there is chance for bears to start a bear market , but guys always remember to don't be emotional and keep calm.
let's look at the daily chart :
guys I can't believe what I am seeing right now is this a fractal ?🤯
when I opened the daily chart I amazed because in my opinion this is a very beautiful and Rare fractal ; and here is my reason for this :
if you attention to the chart you can see previous when BTC hit the ascending channel upper trend line was created a bearish divergence in the RSI and after the confirmation price start to retracement exactly to the 0.618 Fibonacci level and after break out from the flag pattern start to pump ,
and this is exactly the same pattern which we had previously in the chart and in my opinion if price can hold above the 0.618 and break out from the flag pattern BTC can pump again to the ATH .
🐺I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for reading my idea🐺