Hi 🖐
As can be seen in the picture, a month ago, Bitcoin experienced a sharp drop to the level of $15,600. When the price reached this level, the selling pressure in this currency decreased and could not continue to fall further. Currently, Bitcoin has formed higher lows (LH) than its previous lows, which has put Bitcoin in a bullish channel on the 4-hour time frame. If the short-term support of buyers of this cryptocurrency continues and the price can remain above the $17,000 level, also if the price maintains this support level. We can expect price growth up to the resistance zone (Supply zone) at the level of $17,800 to $18,500.
The important point is that in range trends, usually after the formation of sharp movements (break of the black trend line in the upward green channel), fluctuations continue in the opposite direction. Therefore, we should keep in mind the possibility of the price returning to support and breaking the bottom of the channel.
Support: $16,500, $16,000, $15,400
Resistance: $17,800, $18,200, $18,700
Bitcoin Dominance Analysis
Bitcoin Dominance is completely inside its short-term bullish channel. The resistance in the way of this cryptocurrency is 41%, negative divergence is observed in the lower time frames, and considering that this divergence exists in the higher time frame, there is a possibility of the return of this indicator and the failure of the support of the bottom of the channel. Therefore, the possibility of a pullback to the ceiling of the larger descending channel is more likely.
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ArzToday Team 💙
Analyzer ✍: AR.Rashidi
As can be seen in the picture, a month ago, Bitcoin experienced a sharp drop to the level of $15,600. When the price reached this level, the selling pressure in this currency decreased and could not continue to fall further. Currently, Bitcoin has formed higher lows (LH) than its previous lows, which has put Bitcoin in a bullish channel on the 4-hour time frame. If the short-term support of buyers of this cryptocurrency continues and the price can remain above the $17,000 level, also if the price maintains this support level. We can expect price growth up to the resistance zone (Supply zone) at the level of $17,800 to $18,500.
The important point is that in range trends, usually after the formation of sharp movements (break of the black trend line in the upward green channel), fluctuations continue in the opposite direction. Therefore, we should keep in mind the possibility of the price returning to support and breaking the bottom of the channel.
Support: $16,500, $16,000, $15,400
Resistance: $17,800, $18,200, $18,700
Bitcoin Dominance Analysis
Bitcoin Dominance is completely inside its short-term bullish channel. The resistance in the way of this cryptocurrency is 41%, negative divergence is observed in the lower time frames, and considering that this divergence exists in the higher time frame, there is a possibility of the return of this indicator and the failure of the support of the bottom of the channel. Therefore, the possibility of a pullback to the ceiling of the larger descending channel is more likely.
🌈If you apperciate Arztoday Team work , Please like and comment , It Keeps us motivated to do better🌈
ArzToday Team 💙
Analyzer ✍: AR.Rashidi
