So, on the background there's a pitchfork and BTC has been moving in the lower band for some days now. I've also drawn a trend line just to highlight a trend/resistance within the pitchfork.
I know that having the ichimoku cloud over the pitchfork's background doesn't make the things very clear but they are both very useful so try to focus.
While I'm writing price is below the cloud at both 4h and 1h, ADX+DI indicates the trend is bearish (not shown) and price is below my McGinley dynamics to confirm we should go down more. However at 15min price seems to have bounced on the 15min cloud, right on my steep trend line. The lower the timeframe the more precise is the indicator but at the same time it's an indication which has limited validity.
If support doens't hold we go down to the pitchfork limit and if that doens't hold as well use the dashed lines as support lines. If this 4h candlestick closes at this price or higher BTC will form an HL so we might recover from here, otherwise price it's likely to go down.
I know that having the ichimoku cloud over the pitchfork's background doesn't make the things very clear but they are both very useful so try to focus.
While I'm writing price is below the cloud at both 4h and 1h, ADX+DI indicates the trend is bearish (not shown) and price is below my McGinley dynamics to confirm we should go down more. However at 15min price seems to have bounced on the 15min cloud, right on my steep trend line. The lower the timeframe the more precise is the indicator but at the same time it's an indication which has limited validity.
If support doens't hold we go down to the pitchfork limit and if that doens't hold as well use the dashed lines as support lines. If this 4h candlestick closes at this price or higher BTC will form an HL so we might recover from here, otherwise price it's likely to go down.
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we're gonna test the lower pitchfork band and probably go lower!
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so far the support I had drawn were more or less respected, however I see 51156 as a lower level in case these one won't hold
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BTC bounced on the line I've drawn at 52198USDT, it's soo to say if this is just a momentary correction before going down further but I see a bullish DIV at 4h so this might be the end of the dump
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Price is onto MA 50, if we go down it's free fall until 47295