From the chart we can see various phases for Bitcoin. In technical analysis, we have various patterns for various phases of the market.
Impulse - large bodied candles signifying strong move in the market
Ascending/Descending corrections - happens at the end of a trend indicating a reversal is near
Flags & Pennants - a trend continuation pattern
We can see that we are approaching a high value area in a descending fashion indicating that we may get a reversal. The key price to look at is the $30K where we have previous structure.
Watching for lower timeframe buying pressure and pattern indicating the reversal is taking place.
Goodluck and trade safe!
Impulse - large bodied candles signifying strong move in the market
Ascending/Descending corrections - happens at the end of a trend indicating a reversal is near
Flags & Pennants - a trend continuation pattern
We can see that we are approaching a high value area in a descending fashion indicating that we may get a reversal. The key price to look at is the $30K where we have previous structure.
Watching for lower timeframe buying pressure and pattern indicating the reversal is taking place.
Goodluck and trade safe!
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