The daily wage chart for Bitcoin is examined here (one-shot balance table, trend, transaction volume applied)
Daily pay data shows a sharp fall outside the current long-term trend line. So far, so good, but it is possible that the cloud belt has been utilized as a support line, but it’s still possible that the long-term trend will continue to decrease.
It seems like the candle is in a perilous position beneath the cloud table when seen from the viewpoint of a perfectly balanced table. The gain may be short-lived since the cloud platform serves as a safety net, but the chances of another drop are high.
There was a solid support line at 42490, and it also broke through the 41740 support line yesterday.
For the time being, the most important question is whether or not the 40K region can effectively act as a support line.
The Bitcoin Bong chart for the last four hours (one-piece balance table, trend, transaction volume applied)
The candlestick has broken through the long-term trend line while examining the 4-hour bar.
A balanced table shows a downward trend with the baseline, conversion line, and candle in that order. There seems to be a significant inflection point in the cloud zone, which shifts from positive to negative near the junction. The long-term trend line, a strong support line, had been anticipated to hold if prices continued to fall. But they continue to fall sharply beyond this level until daybreak.
Transaction volumes rose sharply, and now they’re struggling to find a direction again after a steep decline in the number of transactions.
BTC 1-hour chart analysis using the Bong indicator (one-hour balance table, trend, transaction volume applied)
In the 1-hour peak, you can observe that the present cloud platform overlaps from the positive to the negative. Currently, there is a 40K support line in place.
The candle is attempting to climb above the conversion line. Thus, it is predicted to show a little gain in the near term. The Lee Pyeong Line and other strong resistance lines are now in place, and the trend is declining, so even if it rises, it is tough to get beyond 42K at this time.
At this point in time, the number of transactions seems to be fluctuating.
On Friday, February 18, 2022, we’d like to hear your thoughts on Bitcoin chart analysis.
- An overall view.
The long-term trend and strong resistance lines were broken by a huge sound stick late yesterday night. After that, the slide continued into the early morning hours, and it currently seems to be building a box pattern with support around roughly 40K. As the long-term trend line for Bitcoin cans has been broken, this indicates that additional drops may be in store for the cryptocurrency.
The downward tendency is reinforced by the positional link between the baseline, conversion line, and candle, all of which are based on the one-in-one balancing table. Although it is projected to grow in the short term, it seems that it will not be able to surpass 42K, increasing the potential of more losses.
- Bitcoin’s Future and Entry Strategy
The division I was in yesterday afternoon had me in a lengthy position, but I lost it last night after falling out of the cloud support line, and I’m presently in no position.
It seems tough to catch the following section to retain the long position and above 42K, despite the appearance of signals that are predicted to increase quickly.
Our goal is to obtain the short volume in installments of about 42K after a brief wait-and-see period. Additionally, we are looking for a short-term supply from 41800 up to 42450.
This is due to the fact that it depicts a graph that is more likely to decline after a climb. For those who contribute beyond the volume, we would like to schedule a fall at a later date.
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