#Bitcoin #BTCUSDT entered accumulation over the weekend, possibly preparing for a new phase of volatility. Invite Crypto Traders to refer to today's Bitcoin analysis to discuss more about the market situation.
**Previous Trade Idea Result: The pending sell idea from above during the last weekend failed to trigger because the price didn't touch the sell zone before falling.
BITCOIN ANALYSIS #BTCUSDT FRAME D1:
- After 03 consecutive days of decline on Wednesday, Thursday, and Friday, #BTCUSDT leveled off on Saturday and Sunday when forming D1 bars with a narrow range of volatility, representing a decline in volatility. The price action pattern is an inside bar - the price bar is inside - which also forms when the last two D1 bars have completely penetrated the previous D1 bar, thereby reflecting the accumulation phase is forming. The volume of this phase is decreasing gradually, helping to confirm the accumulation phase.
- The transition between the two periods of trend and accumulation is a rule in economic development. So, the current accumulation phase with the inside bar pattern could lead to the next period of trending volatility, i.e. expanding volatility again.
- With #BTCUSDT failing to hold the 30,000 zone and having to drop below the old top could show signs of weakening of bullish momentum. This could lead to a sideways phase above D1. However, this is just a guess for reference, and we will observe the price behavior to come up with next trading ideas.
BITCOIN ANALYSIS #BTCUSDT FRAME H4:
- #BTCUSDT has a long, steep decline and trails along the Keltner Channel lower boundary to the downside at H4, showing strong bearish momentum.
- The chart structure of #BTCUSDT at H4 is bearish because the price makes lower highs and lowers.
- The current bullish retracement is structured in the form of 2 pullbacks, which is a complex retracement. This can be seen as a bearish flag chart pattern - a bearish flag - a chart pattern that continues the downtrend.
- From chart structure to chart pattern all favor the possibility of short-term selling #BTCUSDT today.
OVERVIEW:
- #BTCUSDT entered an accumulation at D1 with an inside bar forming.
- Good momentum bearish chart structure and bearish flag chart pattern help define today's trading ideas in favor of selling #BTCUSDT.
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