So we saw the $21,000 mark for bitcoin, which I'm talking about for the third article in a row. What
BTC came out of the saw formed on July 20 in a downward direction, as I said in previous articles. I think that the downward trend should slow down and turn around locally.
Subscribe to my free tg channel. Find out about the release of new articles in time. Also there is all the information about the entrance to the closed TG channel.
So, let's look at the three-hour chart, since this tf most clearly shows the key points.
The first thing I would like to note is my worked out yesterday's scenario from a closed tg channel with the price entering the imbalance zone and exiting it down to $21,000. I drew this arrow down from the green to the orange zone yesterday after falling to $21900. I just drew the rest.
Firstly, I would like to note a fully technically developed ascending expanding wedge. Its potential is exhausted.
Secondly, what is very important is the formation of a strong hidden bullish convergence of the MACD histogram and the price chart on the three-hour chart. This, of course, touched the bull. Possibly local. We'll see.
This is all about long-term setups. But it's too early to talk about them.
Now we see that we have formed a new bearish imbalance in the $21363-21566 zone, where the price is most likely to come from and from where it will subsequently go lower, to the $20500 area.
There I drew two arrows: one looks down, the other up. Why did I do that? Because this level is a turning point in the current situation. If we break through $20,500 and gain a foothold below, then the Bill Wolf model, which I built in a closed tg channel two weeks ago, comes into play. By the way, to this day bitcoin goes through it point to point. This is very annoying, on the one hand, on the other - indicates the relevance of this idea.
If the breakout does not take place, then we can consider the probability of a reversal first to $24700, then to $28000-30000.
The funding is positive. This indicates the excessive use of leverage by longists and the fact that they pay a premium to shortists every 8 hours to hold their positions and balance the margin market.
Historically positive funding indicates an imminent decline in the asset price.
Longs for ratio have grown to 60%. I pointed out in previous articles that if this happens, there will be a frank transition of liquidity from top to bottom and pressure on the price will be carried out from above.
Historically, the increased percentage of longs on ratio indicates the likelihood of further price reduction.
Disclaimer: not financial advice.
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