BTCUSD UPDATE!!!
Recall for the last analysis on Bitcoin: Expect the price to retest the daily supply zone and reject it.
From the Technical Perspective:
1. From the Monthly perspective, Bitcoin has created a huge impulse to the upside without any proper retracement, we can expect a deeper retracement to at least 38.2 Fibonacci Retracement, once the market become bearish market.
2. From the Weekly perspective, Bitcoin already retested the neckline of the M pattern, a.k.a previous support turn resistance, and it also is an Elliott Wave ABC Pattern. We can expect a rejection inside of this weekly region (55902.67~55080.66) and starting the C wave at the moment.
3. From the Daily perspective, Bitcoin is exactly retested the major supply area (56924.49~55502.46), and rejected from this area. Thus, we can expect a continuation downside on Bitcoin.
4. Overall direction from the Multi-Timeframe Analysis: BEARISH
From the Fundamental View:
1. Big players-CME are bearish bias on the Bitcoin .
2. In the new report, the long position and the short position are getting closed, 641 of the long position and 834 of the short position are closed, bringing the net position to -2,272 from -2,465 with total 84.10% of short exposure and 58.40% of long exposure. Overall is indicating a huge bearish market on the Bitcoin .
3. Combine with TA and FA, move to the downside of the Bitcoin is expected.
4. Overall direction from the COT Report: BEARISH
*Final direction after combining TA and FA: TA=FA=Bearish*
How to approach BITCOIN?
1. Currently 4H is indicating a bullish market, multiple HH (Higher High) and HL (Higher Low) was formed. Even the daily timeframe showing us a rejection but shorting the Bitcoin now is quite risky.
2. Once the 4H become bearish market, you may looking for the short opportunity, if your rules of the strategy are fulfilled. Otherwise, Bitcoin can continue surge to the upside.
The result might not follow my analysis, this analysis is based on the TA & FA perspectives.
Comment down below let me know your view on BTCUSD or which pairs you would like to me analyze in the future.
Kindly visit my profile and get more free analysis every single day.
From the Technical Perspective:
1. From the Monthly perspective, Bitcoin has created a huge impulse to the upside without any proper retracement, we can expect a deeper retracement to at least 38.2 Fibonacci Retracement, once the market become bearish market.
2. From the Weekly perspective, Bitcoin already retested the neckline of the M pattern, a.k.a previous support turn resistance, and it also is an Elliott Wave ABC Pattern. We can expect a rejection inside of this weekly region (55902.67~55080.66) and starting the C wave at the moment.
3. From the Daily perspective, Bitcoin is exactly retested the major supply area (56924.49~55502.46), and rejected from this area. Thus, we can expect a continuation downside on Bitcoin.
4. Overall direction from the Multi-Timeframe Analysis: BEARISH
From the Fundamental View:
1. Big players-CME are bearish bias on the Bitcoin .
2. In the new report, the long position and the short position are getting closed, 641 of the long position and 834 of the short position are closed, bringing the net position to -2,272 from -2,465 with total 84.10% of short exposure and 58.40% of long exposure. Overall is indicating a huge bearish market on the Bitcoin .
3. Combine with TA and FA, move to the downside of the Bitcoin is expected.
4. Overall direction from the COT Report: BEARISH
*Final direction after combining TA and FA: TA=FA=Bearish*
How to approach BITCOIN?
1. Currently 4H is indicating a bullish market, multiple HH (Higher High) and HL (Higher Low) was formed. Even the daily timeframe showing us a rejection but shorting the Bitcoin now is quite risky.
2. Once the 4H become bearish market, you may looking for the short opportunity, if your rules of the strategy are fulfilled. Otherwise, Bitcoin can continue surge to the upside.
The result might not follow my analysis, this analysis is based on the TA & FA perspectives.
Comment down below let me know your view on BTCUSD or which pairs you would like to me analyze in the future.
Kindly visit my profile and get more free analysis every single day.
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