Nick from Cheeky Crypto dives into the current state of Bitcoin, providing insights from multiple timeframes to decipher potential price movements.
Bitcoin’s Hourly Chart: Sideways Trading and Volatility
Bitcoin has been exhibiting a sideways trading pattern over the weekend, with a target range of 26,400 to 26,180. The price currently sits below the 200 EMA, suggesting a potential move towards 26,400 before a possible bounce. Volatility remains a key factor on the hourly chart, with Sunday’s price action often influencing the week ahead.
Bitcoin’s Daily Chart: Downward Pressure and Bearish Sentiment
Looking at the daily chart, Bitcoin’s price is expected to move down towards 22,477 to 23,787 over several weeks. A breakout above 28,588 would invalidate this bearish pattern. However, with bearish sentiment dominating the market, there’s a possibility of the price dipping below $20,000 if support levels fail to hold.
Bitcoin’s Weekly Chart: Critical Close Position and Potential Retest of Lows
The weekly close position is critical for Bitcoin, with bears aiming for a close below 26,894. Declining volumes and a lack of demand raise concerns about the market’s health. There’s a possibility of Bitcoin retesting lows from November 2022 or finding support around $22,000.
Conclusion: Engaging the Community and Seeking Insights
Nick invites comments on Bitcoin’s weekly chart and potential scenarios, encouraging viewers to like, subscribe, and join the Discord community for further discussions and insights.