BTC/USD : Is BTC's downtrend is over ? Full analyzes !

17 May 2021

BTCUSD
Hello everyone 😃

BTC had another 14% dive to lower daily 200EMA after rejecting daily MA150.
Now classic analysis shows that BTC has reached the descending channel's lower line, And also there is a reversed 61.8% FIBBO retracement level.
So on the combination view; It can confirms that BTC has reached a stiff support level !
🔰 According to our data, BTC have to bounce above broken daily MA150.
📌 You can confirm BTC's possible direction based on movement repetition on last drops.

Now we have to discuss about farther visions !

📚 BTC's CME chart :

Based on CME's overview, There are two gaps near to current rate of BTC. The upper gap will be filled at $49215 and bottom gap will be filled at $44755.
🔰 According to Combination of our last latest technical analysis about BTC; We might see a leg up for BTC, ( If market makers and key players don't cause another problem ).
After that we can have a look to lower gap.

📚 BTC's 4H TF :

It seems that BTC has rejects the channel's lower line in 4H chart.
It still remains bullish and it can be a fake-out.
But on other hands :

BTC had a rejection on last dive and it just retested the broken level.
🔰 On 4H TF chart BTC remains bearish and it won't be changes for now !

📚 BTC's 1H TF :

It's likely that BTC has been rejected from recent symmetrical triangle and now there is another triangle which is formed on 1H TF.
On this chart BTC is more shows bullish signs and we may see a retest on last triangle's lower line !
After that if any breakout happens, Then it will run to reach higher resistance zone around 51K..
🔰 There is still a chance for bulls to recover the pair from here !


📌 Mentions :
- BTC has also broke below daily ICHIMOKU Cloud and Now for small or long BULLISH CASE undefined it can rally back upward into RED Cloud which is around 55k /57k region just below the upper box and need a long consolidation above it to go higher.
A straight parabolic move to upside like alts straight leg up.
OR
For bear case; A rejection from TOP 55K/57k or rejection after a straight parabolic quick move like alts undefined Or Break current SUPPORT BOX to go down directly to highlighted buying region.

- Earlier On chain data was bullish and from TA perspective it was bearish however now situation has flipped, from TA perspective things are pointing towards ‘Buy the Dip’ however On chain data suggests bearish activities like deposits of huge amount of BTC on exchanges.
This is an unusual situation and we should be careful. BTC if bullish, should anyway consolidate here and give us time to board the train before leaving for Moon.
We should take our time and cautiously take positions!

🔴 Any rejection below 40K can cause another huge dive ! So watch on the candle closes in next days...

Hope you enjoyed our analysis about Sentiment view on BTC's possible directions🙌
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Attention: this isn't financial advice we are just trying to help people on their own vision.

Have a good day!
Helical_Trades

17 May 2021

Not

Rejected below triangle just in a minute..
Market structure is not showing positive !