Bitcoin – daily downtrend is about to end!

08.07.2022 3:12 pm

Hello, everyone!

Yesterday I showed you the evidences why the Bitcoin price have higher probability to grow instead of dumping. Today I am going to show you the conditions for the downtrend end on the 1D and 1W timeframe.

Let’s take a look at the 1D timeframe of the BTCUSDT chart of the WhiteBit exchange. First of all we can notice the 1D key fractal level at $21844. It’s breakout is going to be the end of the downtrend on the daily chart. We have already seen the squeeze above this level, but the price returned under it. We have to see the 1D candle close above it to confirm this idea. In case of successful breakout we have the confirmed double bottom formation. It has the potential to grow all to way up to $26k where the trendline resistance and horizontal one are located. It is the final target for this bullish move.

If we want to anticipate the global downtrend end we have to see the breakout of the $32400 weekly fractal key level, but this value is actual only now, this key level can be changed soon.

Good luck!

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