Bitcoin has clearly been in a downtrend since the first Trump day in office. The downtrend started on 20th January, and there are no signs of recovery. Currently the price prints a falling wedge pattern, so there is an opportunity to buy Bitcoin at the bottom of the wedge, but we need to wait for the price to come to this level first! This level is around 69,000 USD.
69k is also a strong support because of the previous descending channel. This is a classic technical analysis of chart patterns. After a breakout of a pattern, we want to wait for a retest and buy it. In Bitcoin’s case, we are still waiting for a retest of this descending channel. What we want to see is a retest of the previous breakout point.
What we cannot miss is the 200 moving average on the daily chart. Indeed, this is a strong MA on the stock market and gold, so we can expect to be strong on Bitcoin as well. 200MA is known for its accuracy because a lot of hedge funds and banks use this specific MA period on the daily, weekly, and monthly charts. I recommend avoiding buying Bitcoin and waiting for lower prices!
Write a comment with your altcoin + hit the like button, and I will make an analysis for you in response. Trading is not hard if you have a good coach! This is not a trade setup, as there is no stop-loss or profit target. I share my trades privately. Thank you, and I wish you successful trades!
Perfect time to enter a short position, because the price touched the wedge’s trendline. Zoom-in:
Great entry! The price rejected from the trendline heavily; congratulations to everyone who took this short. Now we need to be patient and wait for lower prices. We can take a small profit here and re-entry a bit higher.
