Bitcoin (BTC): Monthly analysis
It's over' August and we wanted to analyze the 1-month chart, with a simple and easy to understand chart without too much noise and too many indicators that sometimes confuse us with the real situation.
From our chart we can deduce 4 fundamental elements:
1) BTC is still in a phase of exploration of the mega support between 20k and
14K (2017 all-time high), we have drawn this support with a green rectangle as if it were a springboard for the price just in case it does not break it down.
2) Also at this strategic support between 20k and14K we find the average 100 EMA drawn in yellow at a price of 16.5k.
3) An RSI that signals the relative strength of the trend below 50% to a value never seen in BTC history (37%), not yet oversold below 20%/30% but makes us understand that since the 70k All-Time TOP has made a huge correction but we have no signals to buy anything at the moment.
A bullish 50% cross could give us a bullish divergence and macro signals to enter the trend but we are not there yet.
4) The Falling Wedge pattern: We must always be cautious when drawing patterns in technical analysis, as we often see signals that are then canceled by the trend or simply rush the analysis and find patterns that do not exist. However, this pattern is a strong signal that when the market breaks the diagonal to the right (that of the high points), the price can break to the upside and decree the end of the bear market or simply a tactical bounce to a large endurance.
Conclusions:
The downtrend is not over yet or at least we have no clear signs of entering a LONG position at this time, however it is a good price to start accumulating and wait for signs of a bull market.
The recent aggression of the US Federal Reserve in removing liquidity from the markets and the global recession situation followed by high inflation put pressure on the Wall Street market and consequently on the cryptocurrency market, as that there is no fresh liquidity to increase the value of digital currencies.
Thank you for joining us in our analysis, if you liked it, give it a Like, comment and follow us.
LPI, grow with us.
From our chart we can deduce 4 fundamental elements:
1) BTC is still in a phase of exploration of the mega support between 20k and
14K (2017 all-time high), we have drawn this support with a green rectangle as if it were a springboard for the price just in case it does not break it down.2) Also at this strategic support between 20k and
14K we find the average 100 EMA drawn in yellow at a price of 16.5k.3) An RSI that signals the relative strength of the trend below 50% to a value never seen in BTC history (37%), not yet oversold below 20%/30% but makes us understand that since the 70k All-Time TOP has made a huge correction but we have no signals to buy anything at the moment.
A bullish 50% cross could give us a bullish divergence and macro signals to enter the trend but we are not there yet.
4) The Falling Wedge pattern: We must always be cautious when drawing patterns in technical analysis, as we often see signals that are then canceled by the trend or simply rush the analysis and find patterns that do not exist. However, this pattern is a strong signal that when the market breaks the diagonal to the right (that of the high points), the price can break to the upside and decree the end of the bear market or simply a tactical bounce to a large endurance.
Conclusions:
The downtrend is not over yet or at least we have no clear signs of entering a LONG position at this time, however it is a good price to start accumulating and wait for signs of a bull market.
The recent aggression of the US Federal Reserve in removing liquidity from the markets and the global recession situation followed by high inflation put pressure on the Wall Street market and consequently on the cryptocurrency market, as that there is no fresh liquidity to increase the value of digital currencies.
Thank you for joining us in our analysis, if you liked it, give it a Like, comment and follow us.
LPI, grow with us.
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