Bitcoin Price Reversed Down to Touch the Bowl Pattern on RSI Indicator
There are lots of bowl pattern on RSI Indicator at daily chart of Bitcoin. I shared lots of analysis about this pattern and I focused the possible new bowl pattern on RSI Indicator. Bitcoin broke down the last bowl pattern on RSI Indicator a few days ago. After breaking down bowl pattern, Bitcoin price went down fast.
Here you can see daily chart of Bitcoin and the indicators. You can see what happaned after breaking down the bowl pattern. We are in the new one. There are lots of similarities between the last bowl pattern and now. I circled the similarities on RSI and MACD Indicators. MACD Indicator is also moving as same as past. We have seen same fake move of market maker. MACD Indicator did not reverse up.
Here you can see weekly chart of Bitcoin. Bitcoin price got lots of green weekly candles. After these green weekly candle series, it needs correction. So, we may see few green and red candles during this Summer to complete price correction.
Bitcoin price is still on 8-week moving average. It should not go down this moving average. There is also great support line on Bitcoin price chart coming at 75K. It is the support of worst scenario..
So, it can be said that Bitcoin price is in price correction. It will take a few weeks. We will spend this Summer under price correction.
We will see..
@chorock, thanks for sharing your detailed Bitcoin analysis! I appreciate the way you've highlighted the RSI indicator's bowl patterns and drawn parallels between the recent breakdown and the current formation. The comparison of MACD movements and the potential "fake move" is particularly insightful, and the charts you've included are very helpful. Your insights on the weekly chart, especially the mention of the 8-week moving average and the 75K support line, provide a valuable perspective on the potential price correction we might see this summer. What are your thoughts on how external factors like inflation reports or regulatory news might influence this correction? Thanks again for the well-researched post.