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BITCOIN (BTC/USD) Bitcoin may be repeating movement. If you are a Bitcoin investor you must see this report

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@criptoar
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Now may be repeating bear pattern to continue lower

Bitcoin formed a new range

We will see

Bitcoin is gradually going down in ranges.

It has already made 3 ranges and has broken down and the price has already formed a fourth range that has followed the different moments identified in the distribution range.

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Let us begin

It has already formed the new bearish channel, it would be the 4th time that it repeats the same pattern.

Price should make a false breakout to the upside with no force as it has done in previous ranges

It has also retested the lower bound on several occasions, which it has repeated in previous ranges it has formed.

Current situation

Bitcoin after starting to form a new range has remained for more than a week within a lateral price channel

The new bearish channel is being formed, we are at moment 2 of channel formation

In recent days the range has been consolidated moving the price between the upper and lower limit of the range.

If there is no volume, little interest in Bitcoin that breaks looking for price support may occur.

Down

The price has broken the 20-period daily chart line and is heading towards the upper limit of the channel, the price could falsely break higher, with little volume, and be rejected.

With a new break of the channel, to the downside, we could exceed the price limits of a year ago and move the price towards the line of 20 periods weekly chart as I have already commented in previous posts

The 20,000 is still a good support.

Rise

You always have to look at different possibilities of the price, although bitcoin in the medium term indicates that it is down.

The line of 200 periods on the 4h chart is getting closer to the current price, it could reach it and bounce, generating a false break.

If I break it I could be copying this movement

Go for a few days above the average line of 200 4h chart periods, to give the idea that the price will go up, and then fall back and break the range to the downside.

To consider:

There were already large volume candlesticks at these prices which could indicate that the floor may be close or that we have already seen it.

I will continue to analyze this bearish Bitcoin pattern.

What do you think ?

Protect your assets use Stop loss

The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.

We will continue monitoring To be attentive Protect your Investments

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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are. Perform your own analysis before making an investment decision. Use money that you are willing to lose if you make an investment. If you make exchanges or investments after reading this publication, it is entirely at your own risk. I am not responsible for any of your gains or losses. By reading this publication, you acknowledge and agree that you will never hold me liable for any of your profits or losses.

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