Hello Dear Traders! Hope you’re fine out there!
With the downswing we went through and the recovery BTC has experienced to find itself above 30k, many assume up we will go, but not so fast!
Let’s have a look at near-term group of timeframes and see what BTC is up to.
The white energy has started to go down below 50, and with the red and the green line still way below 50, the sentiment doesn’t seem to fade away soon. Although the red and the green line have turned their noses up, it could change any moment due to the in the market. Plus, the candles in this timeframe are tightly tucked in downward B bands.
The sentiment comes into full display here. The green line and the red are exploring lows together in parallel. The green line at one point was about to collide with the red to indicate upward pressure; however, right close to impact , it has changed its mind as you can see. Now, with the blue approaching 50 and possibly moving down below 50, things could get tough soon for BTC . the 2-day candle closes in 17 hrs at the time of publishing this piece.
Again, the climate is here as the white energy and the green line are both below 50. What’s more, the green line is inside the white energy which indicates bearishness. Moreover, the red has hit 50, and the blue is about to hit 50, which translates into more downward pressure.
In this timeframe, things get really interesting because we have an active race between the white energy in the 2D timeframe and the red in the 4D timeframe. This is the climax of this analysis. Here it goes! In case the white energy in the 2D timeframe extends itself which seems highly likely, the red in the 4D timeframe will have more time to reach 50 and possibly drop further, meaning that we will have more downward pressure on the horizon. All this could spell out more bleeding! In that case, we’ll see a drop to 25k – 27k. This candle will close in 17hrs as well! So buckle up!
All this is done thanks to dear David (WyckoffMode). I am still learning, and if you like to learn more about the market movements, make sure to pay a visit to his page!
Happy trading! Wish you all the best!