MAJOR SUPPORT LEVELS IN PLAY ⟶ CAN #BITCOIN RECOVER?
#Bitcoin Analysis Summary
1-Hour Time-Frame ⏰📊
After the drop we predicted for #Bitcoin in the previous post, which hit the second target 📉🎯, we’ve now reached an important zone with a high concentration of support levels.
This support includes the bottom of the bullish double channel, the monthly support at 60774.50, and the final target of this week’s drop for #Bitcoin.
As a result, there’s potential for a rebound from this zone due to the strong support 🛡️📈.
Condition for forming a bottom and starting the bullish move:
Breaking the bearish channel on the 1-hour time-frame 📉➡️📈.
Second growth scenario:
If the bearish channel is not broken at this time, there’s a chance of another drop forming a falling wedge pattern or a bullish divergence based on the MACD indicator 🔻📉.
In this case, Bitcoin is expected to drop to the support range of 58495.98-59269.64 🛡️ (which corresponds to the mid-line of the weekly bearish channel mentioned in previous analyses), and from there, it may form a bottom and rise 📈.
Final growth target for #Bitcoin:
The range of 64879.59-65666.77, which aligns with the bearish trendline of the recent decline 📊⬆️.
Growth can only continue if #Bitcoin breaks this bearish trendline on the 1-hour time-frame🔄
If this happens, the rise may continue towards 69033 and 74739 💹📈.
1-Hour Time-Frame ⏰📊
After the drop we predicted for #Bitcoin in the previous post, which hit the second target 📉🎯, we’ve now reached an important zone with a high concentration of support levels.
This support includes the bottom of the bullish double channel, the monthly support at 60774.50, and the final target of this week’s drop for #Bitcoin.
As a result, there’s potential for a rebound from this zone due to the strong support 🛡️📈.
Condition for forming a bottom and starting the bullish move:
Breaking the bearish channel on the 1-hour time-frame 📉➡️📈.
Second growth scenario:
If the bearish channel is not broken at this time, there’s a chance of another drop forming a falling wedge pattern or a bullish divergence based on the MACD indicator 🔻📉.
In this case, Bitcoin is expected to drop to the support range of 58495.98-59269.64 🛡️ (which corresponds to the mid-line of the weekly bearish channel mentioned in previous analyses), and from there, it may form a bottom and rise 📈.
Final growth target for #Bitcoin:
The range of 64879.59-65666.77, which aligns with the bearish trendline of the recent decline 📊⬆️.
Growth can only continue if #Bitcoin breaks this bearish trendline on the 1-hour time-frame🔄
If this happens, the rise may continue towards 69033 and 74739 💹📈.
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