Bitcoin, the leader of the crypto money ecosystem, which reached the level of 69 thousand dollars in November and broke the record of all time, could not continue this course and went down to the level of 42 thousand dollars with a very sharp correction. Along with Bitcoin, the general market also decreased. Here are BTC, ETH, XRP, DOGE, ADA analysis...
The price action, which created a Descending Wedge pattern on the 4-hour chart, broke the pattern and closed the candle above it. At the same time, the breakout of the neckline of the Double Bottom formation on the 1-hour chart was supported by the bullish movement. The target of both the Wedge formation and the Double Bottom formation is the 50125 – 51000 region. With the selling pressure that may come from these levels, a decrease may occur again. If there is a decrease, the buying opportunity can be followed at the 47000 and 45670 support levels. In order to re-enter an uptrend in the medium-long term, daily candle close above the 52666 resistance zone should be followed.
If the price action, which continues its horizontal course on the 4-hour chart, closes above the 4113 resistance zone, it can continue to rise until the 4394 – 4500 region, where the Harmonic BAT Pattern formation is completed and at the same time we follow as the strong resistance zone. If selling pressure comes from this level, the 4113 region, which we follow as resistance, can now be followed as support and a buying opportunity can be observed. If the rise does not continue, if the decline starts, 3800 and 3676 support levels should be followed.
After completing the Harmonic GARTLEY Pattern formation, which we follow on the daily chart, it took its 1st target and started a correction movement again. The price movement, which comes back to the level where it took its 1st target, may continue to rise until the 1.0150 resistance level. The depth of the corrective action to be made after this level is very important. If selling pressure comes from 0.8900 level, 0.7690 and 0.7010 support levels should be followed and buying opportunity should be observed.
Despite the sharp rise in the last week, the price movement in the Declining Channel on the daily chart could not close above the 1.1940 resistance zone we specified and fell back to the 0.1591 level, which we follow as the main support zone. If there is a candle close below this zone, the decline can continue until the support zone of the Falling Channel, 0.1310. To start the uptrend again, we need to follow the daily candle close above the 0.1910 level. Candle close above this level may lead to a rise to 0.2379 and 0.3000 levels.
Continuing the long-term downtrend, the price action continues its sideways movement in the last week and formed a Descending Triangle pattern. At the same time, the positive inconsistency in our indicators is striking. Price action may continue to rise up to the 1.496 resistance area if the pattern breaks to the upside and candles close above it. Since this region will be tested for the 2nd time, a slight decrease may be observed with a reaction. If the candle closes below the 1.157 support zone, the decline can continue until the 1.020 support zone.