BITCOIN ANALYSIS TODAY (April 18) - MORE DOWN OR UP?

BITCOIN ANALYSIS TODAY (April 18) - MORE DOWN OR UP?

#Bitcoin #BTCUSDT had a strong day of decline yesterday, the largest day of decline in recent times. Will this price action trigger more downside, or will there be a bounce back? Refer to today's Bitcoin analysis to discuss more about the market situation.

** Previous trade idea result: The idea to buy from the support area below has now helped to catch the bottom of the recent decline, when #BTCUSDT fell to this area, it bounced up. The expectation of expanding volatility was also correct yesterday, when #BTCUSDT made up a large D1 bar that fell short of the previous D1 bars.

BITCOIN ANALYSIS #BTCUSDT FRAME D1:

- Volatility of #BTCUSDT widened yesterday as bar D1 yesterday had a wide range and closed close to the bottom. This D1 bar amplitude is larger than some previous D1 bars. Thus, the situation of price compression with the previous NRB - Narrow Range Bar - has indeed brought volatility.

- Bar D1 yesterday made a bottom break - breakdown - from the current inside bar pattern on D1, which could suggest more downside for #BTCUSDT at this time frame.

The chart structure shows that #BTCUSDT at D1 is still in an uptrend (the top and bottom of the price is getting higher and higher), so the main thing is to wait for the current downtrend to be exhausted and then buy in the uptrend.

BITCOIN ANALYSIS #BTCUSDT FRAME H4:

- #BTCUSDT on H4 broke out of the upper range to move lower, theoretically creating a bearish structure to start a downtrend.

- However, since the main trend in D1 is still bullish, although we can choose short-term selling direction, we can also wait for the buying scenario to follow the main trend on D1.

- The first buy scenario for #BTCUSDT on H4 is to buy at the support area below. This is a support confluence, created by #PPZ + the lower border of the bullish channel.

- The second buy scenario is to wait for #BTCUSDT to bounce back strongly, break the upper boundary of the current small downward sloping channel, and move up to the round number of 30,000. At that time we will wait to buy on the next downtrend.

OVERVIEW:

- #BTCUSDT extended volatility yesterday, breaking out of an inside bar pattern. Can wait for the current downtrend to weaken before buying up at D1.

- Two buy scenarios at H4 will depend on the upcoming price behavior of #BTCUSDT at this time frame.