Hello friends, today you can review the technical analysis idea on a 1D linear scale chart for Bitcoin ( BTC ).
The chart has many indicators, trend lines and support and resistance lines, so please review in depth.
At this very moment, the structure does not look good as the price is sitting at the edge of the Multi-Month S/R Trend line . There is significant resistance ahead as shown by the VPVR and Ichimoku Clouds . Volume is declining in the macro view. RSI and MFI are good indicators to see what the momentum is looking like for Bitcoin . If price can move above the local heavy resistance, the Inverse Head and Shoulders Pattern may play out bringing the price into the Ichimoku Cloud and 50 SMA where there may be heavy resistance. Lastly, the price is currently above the 200 SMA and in the middle of the EMA Ribbons.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don’t trade based on my advice. Do your own research! #cryptopickk
