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Bitcoin : Top-Down Analysis: Monthly-Weekly-Daily
Monthly: The chart shows a range where, after reclaiming the range low, the price moved up to the mid-range and then to the range high. The same scenario is unfolding now: the price deviated above the range high and is heading lower. Where could it stop? It could potentially stop near the mid-range, where there is a monthly demand zone—a strong pivotal point for a reversal.
2nd Confluence:
Bitcoin is forming a 5-0 harmonic pattern, which is a bullish pattern. This suggests a short-term rejection followed by a move to the upside. This pattern also indicates that the price may reach the mid-range before it pumps higher.
3rd Confluence:
Weekly Chart: The price is forming a bearish order flow with a lower low and lower high, which also suggests a possible test of the mid-range.
4th Confluence:
Daily: The 1-day chart is forming a bullish harmonic pattern that aligns with our overall thesis and analysis: a rejection into the monthly mid-range followed by a reversal.
This provides a complete thesis on Bitcoin with strong confluences and logical points.
I hope this clarifies the analysis.
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