Bitcoin Daily - Anything is possible

[yonkii 3205]

I had my time with the trading patterns for a few weeks, and for the last two Bitcoin is correcting, we can't deny that. My chart is the daily, (1D candle) and the price action looked that it entered this bearish channel the two blue lines are indicating. 

I make this post because I still think that the bull run is not over and we will probably have to wait for a few more days until the beginning of February to know for sure if there will be a change of scenery.

 

The light blue lines are the previous trend that was broken, however, the vertical line at $30,000 was only broken for two hours if you zoom in the chart at the hourly candle. It bounced at $30k and yesterday's green candle was giving to BTC obvious support at $30,000. 

The black vertical line at $28,000, is where I think is the most important support located at this current chart. If it breaks it will then be a possibility that Bitcoin will also enter the Ichimoku cloud and face bigger support. I see support in many levels and Bitcoin most possibly will not break below $28,000 however this is only how I see the price action.
This is my amateur technical analysis, based not on professional trading, just what I picked from some traders I watch. I did this chart yesterday when the price dropped below $30,000 and I was surprised with the top being at $33850 which was where the light blue line from the previous trend forming. 

Now, if the top blue line is broken in the following days, this will be once again super bullish and will lead to a retest of the all-time high, or to a huge rejection that will mean bearish news, but the last sentence is only a thought I have about what might happen.

 

Any thoughts, or mistakes I maybe made will be highly appreciated. Maybe I used too many lines that were not needed, I am still a beginner in trading and just see this pattern that may be important to indicate the near future for the Bitcoin trend. 

[mk4 20]

I don't know a lot about waves and clouds in the charts, I understand the patterns and this looks that it has been forming a short term bearish pattern, BUT with a huge support that was noticed. If you also look into historic charts from earlier bull run, this small stop in rising happened at least three or four times in 2017 with a drop of more than 30%. I will only have fear for this bull run if price drops at $20,000 and becomes violent. Right now the daily is bearish but weekly is still holding strong and it could be even tomorrow when Bitcoin rises 10% and all these fears are cancelled.

[Goopang 202]

As my opinion by these type of indicaters we can't receive good way but if we know about every update that if we know every news if a big company wants to invest in any currency and we having updates all about it by these type of indicaters we can become a successful guy but if the news that we received must be verified and on the base of realty. 

[yonkii 3205]

38 minutes ago, Goopang said:

the news that we received must be verified and on the base of realty

Yes, this is correct, I also think that sometimes the news are acting weird and trying to push the market in a certain direction. It is not all the news together but some that are giving mixed signals. Lately price is in decline for a few weeks but I expect to see another attempt again. It looks more like creating a bear trap today.

17 hours ago, mk4 said:

Right now the daily is bearish but weekly is still holding strong

The bearish channel can be cancelled in an instant and the bull pattern can resume. It reached too high at $40,000 and there was need for a correction. I think that this will not lead to being bearish for too long.

Edited January 25, 2021 by yonkii

[percare 3192]

It hasn't moved a lot since your post, it went between 29k-32k and the triangle formation is trading, but I don't see a descending channel, maybe you thought that it could be like that if price drops a lot one of the following days. We wait right now to see how this will play out and what will be the price movement next.

[yonkii 3205]

On 1/28/2021 at 6:53 PM, percare said:

It hasn't moved a lot since your post, it went between 29k-32k

This chart is not valid today. It crossed the triangle with the event of Elon Musk adding the Bitcoin logo in his twitter profile. It is something different now. As I see this today, the bearish chances are very limited and while it is not completely off the chart, it could be good price to buy again. Probably Bitcoin will fly to higher ATH soon again.