Bitcoin (BTC) again erased the profits, which it managed to drive yesterday with rapid growth. As I have pointed out many times, current market developments may have no logic at all. Respectively, this cannot be viewed through the prism of everyday logic. The stock market tends to be its own, which may be incomprehensible at first glance. It is also necessary to calculate the emotions that affect the markets to a large extent. In fact, they clearly control them in the short term.
Current situation at 1D BTC / USD
Bitcoin seemed to break last night S/R level 42,000 USD. But in the end, it was an ordinary bull trap, and if you look at the 15-minute chart, for example, you will see the classic “bart” in front of you. In short, all the bulls were easily fooled yesterday. However, I also rather expected that we would at least test the price levels, where we have a close peak. I actually wanted to see the touch with the top edge drawn triangle.
Inexplicably, however, price developments have turned downwards and we are back below $ 42,000. Now bitcoin is really close to the market lows of January 24, February 24 and March 7. It is certainly reasonable to follow the course’s response to contact with the lower edge of the triangular pattern. I would perceive a possible reflection positively. As confirmation that the market is really trying to create a large turnover structure – here the growing triangles are typical of market bottoms.
Of course, it’s just nonsense to throw away the $ 30,000 test option. In relative numbers, it is only 20% down from the current price. Bitcoin will do it in one day. However, we must perceive that according to volume profile the price range of 33,000 – 40,000 USD works as one dense support. In other words, there are no conditions for the price to fall by 20% in a single day. Lots of shoppers.
In conclusion
That’s about it today. We still have in 19:00 regular streamwhere there is much more time to explain everything. The situation in the markets is very turbulent, so it is appropriate to analyze everything in context.
ATTENTION: No data in the video is an investment board. The analysis does not try to predict future price developments. It serves exclusively as educational content on how to approach the market. Before you invest, do your own research and analysis, you always trade at your own risk. The kryptomagazin.cz team strongly recommends individual risk considerations!
—
