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Deciphering Bitcoin’s Price Trajectory: A Technical Analysis by Cheeky Crypto

BITCOIN: is BTC about to DUMP?
BITCOIN: is BTC about to DUMP?

Cheeky Crypto Unveils Insights into Bitcoin’s Potential Moves

Join Nick from Cheeky Crypto as he delves into the intricacies of Bitcoin’s recent price activity and future expectations. Through a comprehensive technical analysis spanning multiple time frames, Cheeky Crypto sheds light on the potential direction of the world’s leading cryptocurrency.

1-Hour Chart Analysis: Unveiling Wave Patterns

Analyzing Bitcoin’s 1-hour chart with the BTC/USDT pair on Binance, Nick identifies a recent upward move and examines its wave structure. He observes a completed five-wave move, followed by a correction down, and another five-wave move in progress. Anticipating one more push upward before completion, Nick targets a specific price range.

Downside Analysis: Navigating Bearish Trends

Shifting focus to the downside, Nick discusses the directional move and adjusts target ranges based on his analysis. Maintaining a bearish outlook, he highlights the potential for significant downward movements.

Institutional Manipulation: Unmasking Market Makers

Nick points out fair value gaps, suggesting potential market manipulation by large institutional players. He emphasizes the role of market makers and whales in influencing price movements, adding a layer of complexity to Bitcoin’s trajectory.

Daily and Weekly Chart Analysis: Identifying Patterns and Targets

On the daily chart, Nick discusses the 22 to $23,000 target range, highlighting overbought conditions and past significant moves down in similar situations. Examining the weekly chart, he observes a pattern of higher highs and higher lows, suggesting a potential break to the downside.

Recent News and Analysis: Weighing Market Sentiment

Nick attributes the recent upward move to speculative news, such as the possibility of a spot ETF. He observes a golden cross on the weekly chart with the 50 SMA crossing the 200 EMA and notes that the stochastic RSI is trending upwards on multiple time frames.

Conclusion: Summarizing Key Insights

Nick reiterates the likelihood of a significant move to the downside, urging viewers to stay updated with Cheeky Crypto’s content for further analysis and insights. He emphasizes that the video is for entertainment purposes and not financial advice.

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