FX.co ★ Bitcoin/BTCUSD forecasts

Bitcoin trading instrument - weekly chart. In my opinion, the current decline is quite expected, as the price has largely offset the gains earlier this year. Although the decline was anticipated, it is not as intense as expected. This decline is indicated by a clear bearish divergence on the MACD indicator used. On the second indicator, CCI, there is also a bearish divergence but with a smaller magnitude. Additionally, there is a reversal pattern in the form of an ascending wedge, which was slightly breached before starting to be pushed downwards. After the price dropped to the higher uptrend line and the 98589 support level, the price bounced to the 108094 resistance level. I believe it will be trapped between these levels and an accumulation zone will form before eventually moving in a certain direction depending on which side accumulates more trading participants. However, it seems that market participants have decided otherwise, completely rolling over the buyers, with no accumulation zone formed, pressing strongly downwards and this may not be the end. After a sharp decline, there is a slight correction, which may continue, as the CCI indicator reverses upwards from the oversold zone. Since the 98589 support level has been breached, a test from below seems reasonable, even if further decline occurs later. I anticipate a rise to that level zone, where a battle may occur and an accumulation zone may form with prices surpassing that level. Additionally, the price may be directly driven to the previously breached first level, around 108094. This is a critical level at the end of the rise, a very strong weekly level. The price needs to make a range in the second wave. If viewed not as a weekly chart but as an hourly chart example, a direct rise there seems reasonable, and I think the likelihood of further vertical decline is less probable.

H4 period chart. Here it is clear that there was a significant decline at the beginning of the week. Based on the Fibonacci correction grid, the price reached the 61.8 level. It is estimated that this is the second wave before the rise to the mentioned area, and it seems to be the case up to now.