We also lost the support from this 20 exponential moving average, because this 20 exponential moving average was a strong line of support for bitcoin and now, if this trend is going to continue the next support from this moving average, is this 50 exponential moving average? That is lying around 59 000 price area. So since the price is between the 60 to 61 000, is this an actual sign of danger for bitcoin? Are we going to continue this rally here to the downside from here on? No guys, it is still way too early to decide for that, because i strongly believe the price range around the 60 000 to 63 000 is still going to be a strong line of support. Even though right now we are below this 63 000 support area, and why im actually saying you this, even though the support from this 20 exponential moving average got broken right. If i add this williams, alligator indicator, you can see, the price is still above. This final support from this williams alligator indicator so thats. Why? Unless we are not going to see this bearish crossover happening here in williams, alligator indicator and also price closing below it, the daily candle closing below this films alligator indicator. We are not going to be bearish on price action of bitcoin, even though right now we are seeing some sort of a shakeout on our way, not just only the price action. Also, if we look here to the downside, you can see very clearly the macd is showing a sign of weakness, as you can see, because this is a bearish magnetic cross array.

Cell line is also below 50 level, as you can see here, and also the t3 cci has entered the negative territory. You can see guys the ttci is also in a negative territory and clearly showing a sign of weakness. So what we can expect price of bitcoin to see a shakeout right, a quick shakeout. I mean uh, pull back towards this 59 000. Finding support at this 50x manager moving average buyers quickly. Stepping in continue this rally here more sideways and here to the upper direction, and why im actually showing you this price movement here or this retracement? What we are witnessing could be very, very normal, because if you look at this price structure here, let me show you this one fraction so guys. Now what we are going to do. We are going to look at this price action on bitcoin again in a daily time frame, but i am using this inward scale to show you why the price retracement right now, what we could be witnessing is absolutely normal, because if we look at this price structure Here right or this fraction from pass bit compress action and look in our case, the price of bitcoin showed a pretty similar scenario. Just like you from the past price action right, you can see here and now what im going to do im going to switch it into again the normal scale and in a normal scale. You will see very clearly guys this price pull back here right now.

What we are witnessing could be absolutely normal, and this could be the final pullback before price again starts heading here to the upward duration, because we are aware, in case of shakeout or bigger shakeout, this 50 exponential moving average is going to be the strong line of Support that is lying around 59, 000 and also the cpr line, because if you look at this price action using the cpr line according to the cpa indicator, we have this very, very important line of support that is lying around this 59 000 price area, because in The past bit conversation, we have seen some sort of a shakeout happening price quickly approaching the top cpli and then a really nice bounce after that, so thats. Why, as you can see, the top cpa line is also lying around this 59 200 price area. So we know if we do see any sort of a flash crash. This 59 000 is going to be one strong line of support and im actually expecting buyers to step around that price range and push the price here to the upper direction, and not just only this, not just only these guys. If you look at this price structure in a very, very simple way, right, very simple way, what we can also do right now here is add this one price structure right, you can see the price of bitcoin is still following this a sending channel in a daily Time frame upper line acted as a very decent slower line, acted as a support.

So now, if this train is going to continue again here to the downside, we are aware around the 60 000. We still have support from this. A sending channel and price here, as you can see, could still continue making this higher highs continuation pattern here in this manner, because this is exactly what i also showed you with this one fraction here from past bitcoin price action right. So please do not forget that not just only these guys, if you look at this price action in a bit different way, let me show you this one chart here and also guys. Let me make you where we have around four thousand seven hundred dollar bonus available for our community members from buy bit and femix. If you like to trade, bitcoin, then feel free to use this by bit, riffling, which is giving around 3 500 bonus to our community member. And if you like to trade all coin, then you can use this famous raffling, which is giving around 1 200 bonus. So this is a great opportunity to try grabbing it so now lets switch into other chart so guys. Now what im going to do here in hourly timeframe? I am going to add this one scenario which is known as descending channel because, according to this descending channel, as you can see, the price of bitcoin right found a very, very strong support around this lower line area of citizen channel and the upper line was a Strong line of resistance, but whenever the price found a proper support around this lower line area after consolidation right, we always saw really nice move here to the upper direction.

So right now, what im also expecting is more of a range pawn type of scenario before price. Again starts breaking here to the upward duration, because if you do manage to flip this resistance around this 64 to 65 000 in the support, then i believe the train is going to continue here to the upper direction. But for us right now, as we are already aware, we are seeing a clear sign of weakness in the daily time frame, the price of bitcoin to close the daily off of this 60 000 price area, and not just only these guys, not the sunny days. We are also aware in a weekly time frame, the price of bitcoin is still above this very, very important line of resistance, the previous temporary baseline, which will be right, which will be acting as one of the strongest support line for bitcoin, and that is also lying Around this 60 000 price area, we should not forget that, because you know this line here around the 60 000 was a strong line of resistance, so the same line could be acting as a support. If we do see price again, hovering around the 60 000 range and price could still right continue. This rally here to the upward direction. So these are some of the scenarios i wanted to share with you in todays episode. If you enjoyed my vlog guys, come on then hit the like button and for those individuals watching this at the first time hit that subscribe button and the bell.

https://www.youtube.com/watch?v=FH4YkjedtDE