#Bitcoin has its second consecutive day of price decline, forming a deeper price compression that could potentially explode in volatility to come. Invite you Crypto TraderViet to refer to today's Bitcoin analysis to discuss more about the market situation.
** Results of previous trading ideas: The idea of waiting to buy #bitcoin could not be activated yesterday because the price had not yet reached the buy zone.
TODAY'S BITCOIN ANALYSIS D1 Bracket:
The chain of 6 consecutive days of consecutive increases and decreases recently ended when #Bitcoin had its 2nd consecutive day of decline after yesterday. However, with bar D1 decreasing in a narrow range, #Bitcoin yesterday showed weak selling pressure.
The price compression state was formed when yesterday's D1 bar fell inside the previous D1 bar to form an inside bar model - an inside price bar - which is a price action model reflecting accumulation. This inside bar model is located in the current accumulation price range, so this is considered a deeper price compression, which could lead to an explosion of volatility here.
The D1 #Bitcoin chart structure with gradually higher price peaks and troughs shows that the upward price trend is the dominant one. However, because the uptrend has been prolonged, there may be a pullback to create momentum for the next uptrend.
TODAY'S BITCOIN ANALYSIS H4 FRAME:
#Bitcoin H4 continues to move inside the trading range - showing a trendless cumulative price compression at the present time.
Because before creating the price frame, #Bitcoin H4 tended to increase, so the main trend of H4 continues to be to wait to buy. #Bitcoin buying includes buying from the confluence of #PPZ + round number 50,000 below, or buying in a deeper pullback zone of #PPZ + upward sloping trendline.
Limit chasing above to avoid bull traps - which often appear after periods of prolonged price increases.
TODAY'S BITCOIN ANALYSIS OVERVIEW:
#Bitcoin D1 compresses price further as it forms an inside bar pattern within the range area.
The main theme of #Bitcoin H4 continues to be waiting to buy
Thank you for reading today's Bitcoin Analysis article
#Write2Earn #BTC $BTC