Breaking this support will bring the bears back into the game!

Hello to all members of TradingView and my followers.

The price of Bitcoin faced strong sales as it approached the price ceiling last week, indicating that investors are looking to make a profit. This downtrend has also caused Ethereum, Ripple, and other Altcoins to fall.

The price of Bitcoin has fallen 5.5 percent since the weekly re-examination of $ 21050 on June 28. Lack of buying pressure means that the bears have taken control. As a result, Bitcoin has crossed the Monday low of $ 20,482 and is heading to last Monday's low of $ 19,612.

Investors can now expect the downtrend to continue to $ 19600. However, cows need to be patient. This correction may increase from $ 18514 to $ 19120 due to a fair value gap (FVG) called price inefficiency, indicating that even lower prices are possible before the market stabilizes.

Technical analysis:
In one-hour timeframes, pricing is still in the $ 20,000 range. The 19700-19500 range is key support that can be expected to grow until it is broken, and the failure of this support will strengthen the bear market again.
In case of failure of the recently drawn downtrend channel and stabilization above the 20800 - 21050 area, another growth is likely to continue.

If it is helpful to you, please like it. If you have a comment, I'll be happy to know. Respectfully.

Komentar:

Well, Bitcoin went exactly as I expected in these few hours. Now we see that the channel floor has been broken and dropped sharply. It had strong support in the $ 19,800 area, but the strength of this support area did not control the price of bitcoin. The next support is at the point of $ 18,800. If Bitcoin surpasses this support, its next destination will undoubtedly be $ 18,000. Bollinger Band is in such a position that it cannot support Bitcoin even at its lowest point. Given the Bollinger Bands and the RSI , I find the downtrend more likely.