Bitcoin Finally Breaks 20k Low

Bitcoin breaks the 20k ranging zone to hit the 19k price. The 19k price is what we have not seen for years I was expecting Bitcoin to push up from the 20k price though but unfortunately the market does not listen to human feelings or thought lol.

Bitcoin for the past few months has been on the bearish trend it keeps breaking every support or demand zone which keep making me to keep guessing on where it is heading to could it be 10k,5k,or even 1k?. I'm currently doing my most analysis base on technically and I I will share my view with you guys.
Let's go over the chart from weekly time frame to 4hr timeframe.

Weekly Timeframe view

The weekly time frame gives a clearer picture of the price technically, looking at the current price there's a resistance zone above which got broken then pushed up. Now price is back to that previous resistance zone which could be called flip zone in price action or resistance turned support. Could this level be our turning point in BTC/USDT. if the current zone hold we might see btc pushing up.

4HR TIMEFRAME VIEW

The 4hr timeframe shows how the previous weeks trend.as we can see we have been on the bearish trend since. The descending trend Line map out the high and lows formed for the past few weeks now the price is on our flip zone where we might see a reversal from this particular zone. If price only price can break the current trend line then probably retest then push up. But for the main time the bearish trend is still on which is so sad for some investors which are holding currently. On the second thought this could be the best opportunity for buyers to Come into the market. Buying will be more valid once we see the trend line broken upward on the 4hr timeframe. We can wait patiently to see what the whales will do from this level will they push the price up or not, the global economy inflation is also one of the factors that is affecting the market currently I guess almost every country is affected with the current inflation.

Hopefully this coming week we might see a reversal in the market only if 20k-15k range zone can hold the price then we can start seeing a bullish run in the market. This is opportunity for us to get ready for the bull run again.

Thanks for reading my post

Posted Using LeoFinance ^Beta