BTC-USD TRADINGVIEW July 2022

BTC-USD Tradingview july 2022

Hello, I’m back️
There is 1 thing I want to share regarding Bitcoin Technical Analysis & its Relationship with US Economic Conditions.

You could say this is the worst possible scenario, but I hope it doesn’t happen

BITCOIN‼️TF WEEKLY

BTC so far has not been able to raise its price again. Seen on the current weekly candle, which will close in a few hours.

If we refer to the Elliott Wave Theory, we can make another view of the previous Scenario, namely currently BTC is still in the process of pursuing its Wave 3 based on the Expanded Flat Correction Pattern.

If we make a Fibonacci Extension from ATH to its Pullback area, it turns out that the 1.272 Fibo Extension position coincides with the All Time High area in 2017.

Not only that, if we add the Fibonacci Retracement from the Swing Low in 2020 to the current ATH, it turns out that we can see BTC’s position is currently maintaining its 0.382 Retracement area, which is a fairly strong Fibonacci area besides 0.618.

If BTC cannot hold on to the Fibonacci Retracement 0.382 and Fibo Extension 0.786, then it is possible that BTC can catch up to the Fibonacci Retracement 0.5, where the area coincides with the Fibonacci Extension 1.272 & ATH 2017.

CONCLUSION :

  • BTC Needs to hold on to the current area at Fibo Retrace 0.382 or at Fibo Extension 0.786
  • If it can’t survive, the next support is at Fibo Extension 100%
  • If the pressure is still strong, BTC is ready to test ATH in 2017

I created the scenario that has a relationship with the economic condition of the United States which is deteriorating because.

The US is in a condition that may experience an Economic Recession.

If there is an Economic Recession, it will most likely cause Bankruptcy in many Companies, Increase in Unemployment, etc

If this happens, it will automatically make investors, retail traders, and the like, will flock to withdraw their money assets from Stocks to Crypto. And in the end cause trading volume will decrease drastically.

So, what do you think about the current state of Bitcoin? Leave your opinion in the comments column yaa hehehe…

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