After the liquidity crisis caused by FTX, followed by the announcement of bankruptcy, the cryptocurrency market operates cautiously, but less volatile. Bitcoin appears to have bottomed around $16,000, and it keeps altcoins cool for now. Check out what TradingView analysts are thinking right now.
The premise of a hidden support happens when a descending line starts to support the price in the middle and, as the price rebounds to make a lower top than the previous one, it retests the same line in the form of a pullback. It is very common for this to happen in bearish channels and vice versa, when the price breaks the hidden support, the next support is located at 50% of the channel and at 100%, mirror of the channel, in its total amplitude (the orange arrows have the representation of the price testing the 50% of the channel mirror, green arrows testing the hidden support, the 100% has not been reached until now).
Looking at the channel and its mirror , one can clearly see that there is a triangle formation contained within it , and everyone knows the triangle ‘s target , its entire amplitude projected from its last top down to 12800 and its total target from the breakout of its adjacent leg” in the case of this figure” around 10800 , looking at the price action you can see that it has already broken ! if it broke where are the bears?
The price continues to come from the 50% support of the mirror and now it is above the hidden support, an upward bias for me, there is a risk of a fall! , the graph points to a fall, but the long end will work on top of supports “there is something for everyone in the market”. (See full review).
I was studying both technical analysis and also analyzing Bitcoin’s macro context and everything leads me to believe that we are experiencing a 5-3-5 correction in ZigZag.
We are coming to the end of the first A correction at $14500, heading towards the B point around $35000. As soon as it reaches US$35000, the market must be convinced that the Bull Market has started, but we will start another bearish leg, reaching US$8000 or even US$6500 at point C, only after that we will end the correction cycle and start a new one. Bull Market to finally reach the 100k milestone reaching its likely top near $121k. (See more about Bitcoin).
The price of bitcoin remains sideways below $17,000, finding it difficult to resume upwards. On the H4 chart of the Whitebit exchange, we see that the lower band of the Bollinger Bands indicator is horizontal in the range of $16,200 and this is the support point for the day. Below this level, the risk of testing $15,000 is greatly increased. On the rebound side, only a break of 17,200 will bring a stronger high. (Ideas about Cryptocurrencies).
Lido can correct even more supportive zones. In my reading, LDO/USDT has made a move that looks like a trap. On the 12h chart we continue testing the previous top with the 50% range of the last bearish leg, just like on the daily chart. Also, we have a very strong movement with a long upper shadow.
This shows that perhaps the buying force does not account for consuming all the offers in this price zone, even if the price rises above the current top, the bias remains bearish. With deeper targets looking at the daily but due to possible trap I see we have room to test deeper ranges like $1.10 / 1.06 / 1.00. (See PivotChart).
Disclaimer: The reviews presented here are studies only. They are not investment, buy or sell recommendations, nor do they reflect the opinion of the media vehicle in which they are being published. These studies are aimed at people with knowledge and experience in the financial market.
Our Authors: Dom 0400, Happy Analyst, Allan Jhones and Leandro Sander.
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