Bitcoin (BTC) Is Hitting The Market Structure
Bullish Shark move:
previously we have seen that on a 12-hour chart, the priceline formed a bullish Shark pattern. After moving in the potential reversal zone of this pattern, the price action reversed bullish and after entering the sell zone it moved down again.
After visiting the sell zone:
Small falling wedge:
On the 4-hourly chart, the price action of Bitcoin is still moving in a falling wedge pattern since 27 Jun. Now it BTC has reached the support of this wedge pattern. This is a critical moment because the falling wedge is getting squeezed and the price action can start a move towards the upside or downside very soon. At this time the price line is testing the support of this wedge pattern.
On the daily time frame, the price action of the leading cryptocurrency is moving in another falling wedge pattern which is bigger than the previous one because the previous wedge is formed on the 4-hour timeframe and this pattern has been formed on the daily time frame chart. The priceline of Bitcoin is moving in this wedge for the past several days. After 29 Jun, the candlesticks did not reach the support of this wedge and making several attempts to break out a resistance. The more priceline will test the resistance the more chances of the breakout will be.
Hitting the market structure:
At the same time, the price action of BTC has reached a very critical support zone. This support zone is the market structure for this bull run o Bitcoin. This support zone or structure starts from $31000 and goes to $28800. If this support zone will be broken down then we can enter into a long-term bearish trend.
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