Technical analysis of $BTC on October 23
Has it been shortened yet??? This is a question that many short guys are probably looking for. So in today's article I will give a little personal perspective.
As my previous 3 analysis articles mentioned, the short zone is around 30k, specifically from 30k5 to 30k9. At the time of this writing, the price of #bitcoin is 30k7, it is already in the short tracking range. But we need to evaluate the chart to find a better entry point and reassess whether the trend has reversed.
4h frame: Completed 3 eliot waves and RSI has shown signs of phase reversal. But the candlestick is still above the rising trendline, although it is encountering a large resistance area in the 1D frame from 30k7 to 31k5. If in this area there is a buying force large enough to break this resistance zone, the story will turn out differently and BTC will probably increase to the 35k - 36k area (the next major resistance). Therefore, we need to observe more to see if the next candles will destroy the upward trendline in the 4-hour frame before deciding to enter a short order. Currently, the uptrend is still going on.
Hopefully this analysis will help the short side give another perspective!!! good luck ^^
