So what is happening right now with price action, a bitcoin, because if you look at the price structure, starting in a daily time frame, we can see very very clearly. The price of bitcoin right now is struggling to find support around this 59 000 price area. What is holding us right now and also what could happen if the support is going to get broken, because if we look at this price structure by simply adding these moving averages, the area where we are finding ourselves is this 50 exponential moving average and this 50 Exponential moving average is our final support here, daily time frame that is lying around 59 000 price area, so thats. Why? What we want at any cost of price in a daily, not to close the daily candle below this 59 000 range, and not just only this 50 exponential moving averages acting as a support. But if you also look at this price structure using the cpr indicator, you can see exactly where this moving average is the 50x manager moving. Our support is exactly there. We also have the top cpa line, which is acting as a support, as you can see, and this top cpa line is lying around 59 000, along with this 50 exponential moving average so thats. Why thats? Why? If the support is going to get broken right? The next possible target is going to be the central cpa line, the central cps lying around 57 000 and also could be the bottom cpu line here in the upcoming days for bitcoin, and this bottom cpa line is lying around 55 000 price area.

But right now i want to show you a bit different scenario here i mean if you look at the price structure without the indicators here to the upside and only focus around the indicators here to the downside, the macd rsi and t3 cci. So before we started this move here to the upside, you can see impulsive movement corrective movement, another impulsive movement and right now. If this correcting movement is going to continue and we could see download price boom around this 55 – even 54 – 000 range guys that doesnt make the trend bearish, because this is still and higher highs higher loss. Continuation pattern right, please understand that this could just be temporary. Pullback before price again starts breaking it to the upside, but in a daily right now, as you can see, the indicators are clearly flashing weakness. Before we had this price requesting, you can see the macd started, showing a bearish magnicross. Every cell line started following this downward trend line right, which is clearly indicating we are below 50 level right and also the t3 cci started following this negative territory and right now, if we look in our case, bearish macd cross, every cell line is also following this Download train line, which is below 50 level right and the t3 cci you can see, is just entering the negative territory. So this is also showing maybe here in the media short term. We could see some more weakness in price action of bitcoin, but this doesnt make the trend bearish.

Please keep this mind. This could just be a temporary pullback and notice only this guys if you also look at the price action in a very, very simple way. What we can see here very very clearly guys this rising wedge lower line in the password conversation was a strong line of support. Once it got broken, you can see we had this price retracement. In our case, we said. Maybe a similar scenario could be also playing out, since we have already broken the support from this lower line area, so if the train of bitcoin is going to see any sort of a price retracement in this way, we are aware the lower line here right. This line could be one strong, strong line of support for bitcoin. In case we see a pullback around this 54 55 000 price area, because, according to the cpa line that i just showed you the bottom cpu line, the central cpa line is also between these 55. To 57 000 and this rising trend line could be another extreme line of support, and after that we could still still expect another movement here in this manner guys. So this could just be a midterm weakness, but in the long term you can see the price is still making. This higher highs higher loss, continuation pattern and you have to understand that and if you also look at this price structure in a smaller time frame, let me show you this one interesting scenario here, so those who have watched my video from yesterday, we were looking at This price structure in a bit different way, i mean we were simply following this trend line, which was acting as a strong line of support right.

You can see here, and we also said. Maybe this trend line could be another strong line of support and, after that upright could see some sort of consolidation and all relief rally type of scenario, because, according to this price structure, here from the past bit compressed section as soon as the price broke out of This important line of resistance – you can see right as soon as we broke out of it. We had some consideration and also really friendly type of scenario before price, again breaking it to the downside. In our case, a similar scenario unfolded as soon as the price broke out of this resistance line, and you can see here, we started seeing this consolidation just like here from pass bit contrast action. So if we are expecting any sort of a relief rally, then what must the price not do go below the previous load? That is lying around 58 400. If the price is going to find support around that range, we could still expect some more consolidation and also relief rally that could bring the price around the 62 to 63 000 before choosing an actual train direction. The reason why im actually showing you this 62 63 000, is because, if we look at this price structure, this temporary relief rally from this swing eye till this single came exactly at this point. 618 got a rejection and we had this dead cat bounce type of scenario, so thats. Why? In our case, if this similar structure is also going to unfollow right, then we are aware we could be getting here in the immediate short term could be getting gravitated towards this 0.

52 0.618 fibonacci line, and that is between the 62 to 63 000. Before price chooses an actual trend duration, because as long as we are going to consolidate above this 59 000 right, we are still okay with that. Why? Because let me show you what could be unfolding around this price range, so in a smaller time frame. If you look at this price action of bitcoin guys, we can see very clearly the price here got a rejection from this trend line right, very strong rejection. You can see it and to the downside. We are finding support from this download trendline, i mean if we look at the price structure now you can see this here actually looks like a very nice descending broadening wedge guys and according to the descending blocking which, in the immediate short term, if this trend right Is going to continue here in this manner, then we are not allowed to close below this previous low, and as long as we are going to stay above this 59 000, we could be forming this one scenario, which is descending broadly, which and according to the decent Broadening which you can see there will be a pullback right. Price could also form this inverse head and shoulder type of scenario and then, as soon as it break out of this upper line area of this decent boarding wedge, it will continue this rally here to the upper direction and in our case, if you look at this Carefully guys, we are making a very, very similar price structure here as well.

You can see here. Upper line is acting as a resistance. Lower line is acting as a support and this price retracement. What we can see this could be the final price pullback, and if the 59 000 support is going to be there right, then we could still see here in the media short term. Maybe the price trying to break out of this upper line. Here we have this descending broad language and if it does and price also finds support above it, then we are aware right. The price here could see a movement again, as you can see around the 62 to 63 000 range and according to the previous example, i also showed you the 6263 from this fibonacci line. That could be our potential upward price target before price chooses an actual train duration, so guys these are some of the scenarios. I thought sharing with you in todays episode. If you enjoyed my vlog, then please hit the like button and for those individuals watching this.

https://www.youtube.com/watch?v=27gieeSX3P8