Tuesday, July 27, 2021

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    Bitcoin analysis: What can be expected after the bearish stretch?

    In bitcoin we have a shoulder shoulder figure, of higher grade, this has been seen in the pre-opening, seeing it fast, the critical point is 32,730,976 that has been again violated in the close yesterday of three in the afternoon, then the market has tried to recover towards this trend line. The fan lines have also been breached to the downside and we have a risk that the market will continue to fall towards the next support levels, which are the levels 31,036.13 and then 30,016.82, here would be the third attempt.

    therefore the loss of this level at an hourly close could trigger an exit from this side range and we would then have trend, laterality and new bearish stretch, which would be driven by this shoulder shoulder figure as a continuation figure of the bearish movement that we are going to see in the daily series.

    This allows an estimate of $27,900.95. Yesterday we had in a third attempt a close below the critical point, 32,716.40. We had a bearish envelope pattern from the 12th, we validated it yesterday, new lows today, which was what could reasonably be expected according to that pattern.

    Keep an eye out for the third attempt on 30,016.82, in first stay closing hours and then closing in daily.

    The targets are the level of 27,900, then the intermediate level against the highs of December 2007 and then, 13,735.40. Therefore, we can have trend, laterality and new bearish stretch towards the support zone. The intermediate level would be 19,511 on December 18, 2017.

    We watch the downward movement towards any of the three levels because the market could correct all that upward stretch the moment we lose that point on the third attempt.

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