Bitcoin (BTC): Seems We Have Formed Local Top!

17. Feb.

It seems Bitcoin has formed a local top here.

The struggle to break current ATH is pretty big where each time sellers show a strong dominance.

Our game plan has not changed; we are looking for a bigger correction—and only then we will be looking for a proper bull run start!

Swallow Team

17. Feb.

Anmerkung

On a daily timeframe, we are seeing a possible double top pattern to form here.

Now for now, this is just a pattern without any confirmations, so we need to see a proper breakdown from the neckline zone, which then would give us a final confirmation of a potential downward movement, which would ideally fill the unfilled gaps on lower zones!

18. Feb.

Anmerkung

With new weekly openings on markets, we see that prices still continue to bounce in between $93K and $98K.

So we expect the price to bounce in those zones until we reach the point where 200EMA will come closer to the support zone, from where we should see some explosive movement!

19. Feb.

Anmerkung

Bitcoin did have a liquidity grab yesterday before the end of the day, where the price dipped quickly to $93,500.

Now that the price has corrected a little, we still see some weakness in the markets so our game plan is working out well.

Logically, we should see now a slight upward movement and then another drop or a liquidity grab to happen.

20. Feb.

Anmerkung

Price of Bitcoin has reached the 200EMA line (about to reach), where we are looking for a rejectional movement as we have mentioned earlier and then again a movement back to support zone near $92,900.

Once we see a proper touch and a rejection (in combination with MSB on smaller timeframes), we are going to look for a short here.

21. Feb.

Anmerkung

Buyers have secured and broken the line of 200EMA on Bitcoin, where now we might see some sort of upward movement to happen.

Sellers failed to maintain the price below the line so as long as we are above 200EMA we expect to see a push as high as upper resistance zone, but if we see any weakness on markets we will be looking for a reversal and price should re-test again the support near $93K area.