Bitcoin Price Resisted by the Top Line of Ascending Channel

Today, Bitcoin price touched the top line of ascending channel. Bitcoin price is in this channel since the middle of November. It is 3rd touch of the top line of ascending channel. After resisting by the top line of ascending channel, Bitcoin price may go down to the middle line of this channel.

Here you can see daily chart of Bitcoin. Bitcoin is n ascending channel pattern. It should break up the top line of this pattern to enter mega bullish season. It may b results may support this move to break up the top line of ascending channel..

When we look at weekly chart of Bitcoin, we may see the end of bullish trend. Bitcoin price should enter price correction!

Here you can see weekly chart of Bitcoin and the indicators. Fisher Indicator is on the top! MACD Indicator level is on the top! RSI Indicator level is on overbought level!

These are major reasons that Bitcoin price may enter price correction for midterm!

You can see what happened after touching the top level of MACD Indicator in 2021. So, It may not be the time to cash flow into market, It may be the time to cash out from market.

We may see a few red weekly candles on Bitcoin price chart. Market maker may keep Bitcoin price into ascending channel not to destroy this pattern. If it breaks down, price correction may take long time..

Even lots of crypto influencers are trying to flow more investors into market with hype, I am trying to inform you about possible price correction on Bitcoin price chart and crypto market.

We should be careful at these days.

We will see...

Posted Using InLeo Alpha