In the daily TF, after engulfing the $16,218 area, price started to accumulate. This accumulation took almost 60 days and BTC had very low fluctuation but after the accumulation price started to break all the SR lines and even the mid-term trend-line.
As a result of these engulfing these SR lines, we can see FTR zones were formed and had supported the rise in the price one after another. And also cased a formation of a very important base between $19,562 - $20,368. (Referring to the strength of this base and the pattern formed, we can consider this base an important Order Block).
By breaking out of the FTR zone $25,200 (orange) price formed a new FL between $24,745 - $32,376.
Generally, when price of BTC rose to $32,000 we can consider this a pullback to the DP of the weekly TF. And started to distribute.
In the current situation we must take the following into consideration:
⁃ currently price is ranging in a Flag ( indecision area) and non of FLs has been engulfed in order for us to have a clear for cast of BTC future moves !
⁃ As price is in downtrend in the higher TFs, and after making the pullback to the DP of the downtrend pattern price broke the mid-term uptrend trend-line.,The probability of engulfing the lower FL and descent of price to the base which was before the pole (FTR) is very high !
Kindly note that in Financial Market there are more than 1 scenario!
We in fact, by relying on rules and principles of Technical Analysis & also deep analysis of Fundamental Data, try our best in providing you with a thorough analysis together with e most probable scenario for the future values of assets and currencies.
As a result of these engulfing these SR lines, we can see FTR zones were formed and had supported the rise in the price one after another. And also cased a formation of a very important base between $19,562 - $20,368. (Referring to the strength of this base and the pattern formed, we can consider this base an important Order Block).
By breaking out of the FTR zone $25,200 (orange) price formed a new FL between $24,745 - $32,376.
Generally, when price of BTC rose to $32,000 we can consider this a pullback to the DP of the weekly TF. And started to distribute.
In the current situation we must take the following into consideration:
⁃ currently price is ranging in a Flag ( indecision area) and non of FLs has been engulfed in order for us to have a clear for cast of BTC future moves !
⁃ As price is in downtrend in the higher TFs, and after making the pullback to the DP of the downtrend pattern price broke the mid-term uptrend trend-line.,The probability of engulfing the lower FL and descent of price to the base which was before the pole (FTR) is very high !
Kindly note that in Financial Market there are more than 1 scenario!
We in fact, by relying on rules and principles of Technical Analysis & also deep analysis of Fundamental Data, try our best in providing you with a thorough analysis together with e most probable scenario for the future values of assets and currencies.
