We saw the reaction of bitcoin from $21900. We tested the level of $22578. What now?
BTC is still following my decline scenario. It will be broken only if the price is firmly fixed above $22930. So far, I do not observe such a probability and I am waiting for a goal of $21,000. Let's figure out why.
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Yesterday, I threw two scenarios of the development of events into a closed channel. I'm not sure about the first one at all, but it comes from the potential of a descending bullish wedge. The second scenario proceeds from the probability of reaching the formed strong support zone in the area of $21,000, where the yellow resistance line of the bearish trend passes through the close for a week.
What confuses me is that this is a $20520 VPVR POC control line. Given the fact that the price of bitcoin always tends to it, we can assume that $21,000 will not be the last point of this correction. Also, this control line is located at the lower border of the narrowing channel in which the price has been moving since June 18.
The chart also shows the formed and tested expanding wedge, the potential of which is just around $ 21,000.
It is also worth noting the double top and the lower border of the pattern tested from the bottom up, which also indicates a high probability of a decline with a potential in the region of $ 21000-21300.
The funding is positive. This means that longists use excessive leverage and pay a premium to shortists every 8 hours to hold their positions and balance the margin market.
Historically positive funding indicates the probability of a decline in the asset.
Longs on ratio are still above 50%, which indicates increased liquidity at lower prices. This puts pressure on the price from above.
Historically, the increased percentage of longs by ratio indicates the probability of a decline.
Disclaimer: not financial advice.
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