December 4 Bitcoin Analysis
Bitcoin finally reached the $40,000 resistance zone. This area is the ceiling of the ascending channel and a psychological and historical resistance for Bitcoin. Therefore, correction in this area is very likely. On the other hand, this growth has happened due to the good conditions of the American macroeconomy and the lack of interest rate increase, and the market has priced the interest rate decrease even at this stage. Therefore, shopping in these areas is extremely risky and dangerous. Also, short transactions will be dangerous due to the possible actions of the market maker to stophunt short positions. Therefore, our advice is to avoid high-risk transactions until the market calms down.
According to our analysis, the next goal of Bitcoin is to correct to the $36,000 area, from which we probably have a dead cat bounce and again to correct to the $33,000 area, but this will be done within two months.
November 27 Bitcoin Analysis
Bitcoin has been able to maintain the $37,000 area for several weeks, and every time the bears tried to pull the price down with negative news such as CZ’s resignation, the price quickly rejected from the $36,500 area and recovered. Currently, according to the momentum of the candles, we expect the price to drop after reaching the $38,000-39,000 area because there is a high volume of sell orders in these areas. For this week, we will probably see price growth. And then we will see a rapid decline to the $35,000 area; So this week you can profit from long trades.
November 13 Bitcoin Analysis
Although Bitcoin was able to maintain the $37,000 area last week, a sharp divergence can be seen in its chart in different time frames, and on the other hand, Bitcoin is currently at the top of the channel in its ascending channel.
The place of resistance is also $37,500, so we expect the price to decrease from this area to $33,000. The location of USD.T also makes this analysis more valid because currently, USD.T is also at its strong support and at the bottom of the descending channel. For short trades, traders can step in.
November 6 Bitcoin Analysis
Bitcoin had a range trend in the $34,000 area for the past few weeks, and the positive news regarding the SEC’s approval of the ETF was the reason for maintaining the $34,000 support for Bitcoin. However the price candles do not show the ability of Bitcoin to strongly cross the $35,000 resistance.
On the other hand, USDT.D is also in a strong support area, which has been rejected upwards every time from these areas, so it will be corrected for the coming weeks. We predict a gradual Bitcoin up to the $32,000 area (where there are many buy orders in the area). Perhaps these purchases will provide the necessary fuel for Bitcoin to cross the $35,000 resistance. Therefore, this week traders should focus more on short positions on Bitcoin and avoid taking trades against the trend.
October 30 Bitcoin Analysis
Due to no change in Bitcoin volatility, our weekly Bitcoin analysis remains the same as last week and the previous analysis still stands.
October 23 Bitcoin Analysis
According to the previous analysis, Bitcoin rose again to the $29,000 area and passed through this area with great strength and is currently in the $31,000 area. But this resistance is very important for Bitcoin, and in case of its failure, it can experience a good climb up to the 40,000 area, but in the 4-hour and 1-hour time frames, weakness and divergence can be seen strongly in the price chart.
On the other hand, a Head and shoulder pattern is also forming, which makes the situation of Bitcoin more dangerous in this area. We expect Bitcoin to start correcting from this area to the $25,000 area. And this temporary rise can be considered as a fake break.
October 16 Bitcoin Analysis
Last week, the digital currency market took a very bullish trend due to the strengthening of the possibility of the approval of the Bitcoin ETF by the SEC. It made most of the market participants more hopeful about the future trend.
Currently, Bitcoin is again moving towards the $28,000 area, which can be broken as a pullback to the trend line, therefore, according to the Bitcoin exits from the network and inputs to the exchanges, this climb is probably a beartrap and the whales for Selling has started to pump BTC. This issue can be seen in the increase of BTC.D, so our analysis still predicts a return to the $25,000 area.
October 9 Bitcoin Analysis
BTC again attacked the $28,000 resistance according to our analysis and forecast, but has not succeeded in breaking it so far. Currently, in the daily time frame, Bitcoin is forming a Head and Shoulder pattern, which after the completion of this pattern, the first price destination is the $20,000 area.
Those who intend to invest should follow one of the following two signs to buy, and if they are fulfilled, they can start forming a hold portfolio for 2024.
- BTC.D reaching the 60% area
- BTC reaching the $20,000 area
Otherwise, any purchase is associated with risk. Regarding day traders or scalpers, it is also recommended to use short positions to open positions, because in this situation, long transactions are considered as opposite direction transactions and their risk is high.
October 2 Bitcoin Analysis
According to the previous analysis, Bitcoin reached the ceiling of its range channel. On the other hand, it has reached the important resistance area of $28,000. Therefore, according to the previous predictions, we expect it to move towards the bottom of the channel and the $25,000 area after a period of ranging in these areas.
It is obvious that in such a situation, the market maker always increases the prices temporarily in order to liquidate the short positions of the market, which are all fake brakes and beartraps. Traders should take this point into account in their positions and in these areas Use the limit of small losses.
September 25 Bitcoin Analysis
Bitcoin is still in the range. The FoMC meeting regarding the determination of the interest rate could not remove it from the side mode. According to the previous analysis, we believe that Bitcoin will move towards $30,000 again to form a Head and shoulder pattern. And then from there, it starts its corrective movement towards $21,000.
But as mentioned in the previous analysis, this movement may last until the end of September. Therefore, traders should note that any upward movement of bitcoin is a bear trap and should not be purchased in the $30,000-$28,000 range. However short-term transactions can be set up to fluctuate from the current prices to the $28,000 area. The loss limit of these transactions is 25,500 dollars.
September 18 Bitcoin Analysis
Despite the inexplicability of the Bitcoin chart, the USDT.D chart can help us in this week’s analysis more easily at this stage. Currently, USDT.D has reached an important resistance area, which has reacted to it 5 times and rejected from this area. It is expected that this time it will not be able to cross this area and will continue its side movement in the range of 7.34-8. Of course, that Bitcoin will still fluctuate in the range of $25,000-$28,000.
According to past analysis, we expect Bitcoin to return to the $22,000 area, but this may take several weeks, so traders in the current situation should only trade at the bottom and ceiling of the $25,000-$28,000 channel with small losses.
September 11 Bitcoin Analysis
Bitcoin is still in the range area, and according to the previous analysis, we are waiting for a temporary rise to $27,000, and from then on, we predict a scenario of a decline to $22,000.
September 4 Bitcoin Analysis
September is a reminder of the fall and bear market for crypto activists. The candle of July, which was a strong, bearish candle, evokes the continuation of this fall and the repetition of last September. Bitcoin is currently on the important support of $25,000, and it is expected to move in this range for several weeks in the $28,000-$25,000 range. However, according to previous analysis, we expect it to fall to 22,000 dollars.
Therefore, if traders want to trade, they should try to fluctuate between $27,000-$25,000 and avoid opening long-term positions or separate quarterly transactions. Also, note that Bitcoin climbs above the $27,000 area should be considered a bear trap.
August 28 Bitcoin Analysis
Due to no change in Bitcoin volatility, our weekly Bitcoin analysis remains the same as last week and the previous analysis still stands.
August 20 Bitcoin Analysis
Exactly according to the analysis presented last week, Bitcoin corrected up to the support area of $25,000. As predicted, this movement happened suddenly and quickly, and unfortunately, many traders liquidated in this movement.
Currently, according to the previous analysis, Bitcoin will make another upward movement towards $28,000 and from there it will correct again to the $24,000 area. In fact, this climb up to the $28,000 area is only broken as a pullback to support. And it is possible to create a bear trap to liquidate short positions after reaching 28,000 dollars. On the other hand, the Funding Rate index also shows the possible rise of Bitcoin in the short term.
August 14 Bitcoin Analysis
In this week’s Bitcoin analysis, we’ll delve into the recent price movements, key market trends, and potential factors influencing Bitcoin’s trajectory. Bitcoin started the week with a bullish surge, reaching a high of $50,000. However, it faced resistance at this level and retraced to the $45,000 support. Traders are closely watching for a breakout or further consolidation. Overall market sentiment remains positive, driven by increased adoption and institutional interest. However, some caution prevails due to regulatory uncertainties and potential market corrections.
The Relative Strength Index (RSI) indicates a slightly overbought condition, suggesting a possible short-term correction. The Moving Average Convergence Divergence (MACD) shows bullish momentum, but a divergence may indicate a slowing trend. The immediate support level is around $45,000, followed by stronger support at $42,000. On the upside, resistance is observed at $50,000, with a break above potentially leading to further gains. Recent news includes a major financial institution announcing Bitcoin integration, boosting mainstream acceptance.
Additionally, regulatory developments and government policies continue to impact market sentiment. The Bitcoin market remains dynamic, with potential for both upward and downward movements. Traders should closely monitor key support and resistance levels, as well as news events that can influence market sentiment. Risk management and staying updated are crucial in navigating the Bitcoin landscape. This analysis is for informational purposes only and should not be considered financial advice. Trading cryptocurrencies carries risks, and readers should conduct their own research and consult with a professional advisor before making any investment decisions.
July 31 Bitcoin Analysis
As mentioned in the previous analysis, Bitcoin is moving towards the $25,000 area, which is calm despite the important news in the last week.
Our general analysis is similar to the previous analysis, but you can use the following charts in lower time frames for the coming week.
First, Bitcoin will continue its movement up to the $28,500 area in the descending channel created in the 4h time frame, and then it will move to the $30,000 area again to complete the corrective wave, and from there it will move to the $27,000 area and then $25,000 in a sharp movement. Currently, the compressed price has been in a certain area for a long time, so sharp movements will accompany the exit, so traders must use small stoploss in their transactions.
July 17 Bitcoin Analysis
Bitcoin is still fluctuating in its trading range of around $30,000, and despite the positive and negative news of recent weeks, it has not yet broken this range. But according to past analysis, we still believe that Bitcoin will be corrected to the $25,000 area. Because a bearish divergence is observed in the daily time frame of the bitcoin trend in the RSI chart, which shows the confirmation of the bitcoin correction analysis.
Bitcoin needs to collect lower orders to break through the $31,000 resistance. In terms of macroeconomics, the market is waiting for the announcement of the interest rate by the Federal Reserve, which will probably determine the range of Bitcoin on that date.
July 10 Analysis
For the past two week, the market has been in the range state.
June 19 Analysis
Last week, Bitcoin broke its downward trend in the daily time frame and exited the strong Flag pattern. Now it is moving towards the ceiling of the ascending channel, where it will face essential resistances of $32,000, which will certainly react to this area and correct the broken trend line to complete the pullback, and the market will face a fall. Of course, this correction and fall will happen after some time ranging from 31,000 dollars. At the same time, there is a possibility of a stop hunt by the market maker for short positions, so if you open short trades, use bigger stop losses and less leverage.
June 19 Analysis
As mentioned in last week’s analysis, Bitcoin started another upward movement and reached the descending trendline in the 4-hour time frame. From this point on, due to the small market volume, it seems unlikely that it will be able to break this trendline upwards and powerfully. Therefore, according to our analysis, it will return to the $24,000 area to collect orders, and after that, if the sentiment is good, the market will move towards $28,000.
June 12 Analysis
According to our analysis last week, Bitcoin broke the midline of its ascending channel and is currently moving toward the bottom of the descending channel and the $24,000 area. Many analysts believe that the reason for Bitcoin’s fall last week was the actions of the SEC regarding the Binance exchange. Still, before this incident, as stated, the downward patterns of Head & Shoulders were recognizable in the four-hour daily time frames.
At this stage, Bitcoin will again move upward to the $26,000 area and again toward the bottom of the channel by hitting its downward trend line. The current area of Bitcoin, i.e., $25,000, is good support, but this support cannot bear due to the weakness of the FUD trend created in the market, and it will be easily broken in the next move. According to the mentioned article, traders should use the limit of small losses if they take a long position because the general trend of the market is currently bearish.
May 29 Analysis
According to last week’sBitcoin Analysis, Bitcoin reacted to the $26,000 area and attacked the $28,000 area again. But due to the inability of buyers and the low volume of transactions, it is currently unable to break the resistance of the $28,000 area. Therefore, Bitcoin will slowly move toward the $24,000 area in the coming week.
Let’s check the authenticity of its reaction to the support in those areas. Still, according to the Elliott Wave Theory, bitcoin will probably move towards the $27,000 area after hitting the $24,000 in a corrective ABC wave. If you open a short trade on Bitcoin, be sure to use the loss limit because, in these areas, market makers will probably pump the market temporarily to hunt stops.
May 22 Analysis
Bitcoin behaved as predicted by earlier Bitcoin Analysis of last week and corrected to the $26,000 area. The Midline has broken down the upward channel and stabilized below it, and this king of cryptocurrencies has currently broken the neckline of the Head & Shoulder pattern. Therefore, we anticipate a move toward the $23,000 mark over the next weeks.
This movement can, of course, be quite sluggish and destructive. Meanwhile, there have been jarring upward fluctuations, but the market as a whole is corrective and bearish, and given the market’s low volume, we do not anticipate the beginning of a bull run. The market may fluctuate due to the FOMC meeting today, but our study shows that the market as a whole is stable.
May 15 Analysis
The Bitcoin Analysis over the last two weeks indicates that Bitcoin has finally begun its corrective trend and has fallen to the $26,000 area. But because there were purchase orders at this price, the price rapidly bounced back and could hold over $26,000.
Based on the Bitcoin Analysis and price chart, we anticipate the rising trend will continue to higher levels, at least $30,000. However, given the risk of sharp falls and the potential for market makers to execute a short squeeze for long positions, this ascent may be gradual. As a result, traders should exercise caution, refrain from using excessive leverage, and position their stop-loss levels farther apart.