Analyst trader researched Bitcoin price chart – Cryptonium News

Analyst trader researched Bitcoin price chart

Denis Trapezenko, an analyst at Vekus Mining Development, has examined in detail the price chart of the flagship cryptocurrency Bitcoin (BTC) and provided personal monitoring for the next quarter beginning February 1 and April 1, 2023.

With respect to the last month of winter, the specialist corrected the daily chart of BTC to be able to track how values have continued to fall since November 5, 2022, correcting the formation of an inefficient price zone (FVG 1D) , which is considered an activated value magnet.

With the formation of a new low on November 9, 2022, BTC formed the next lower boundary of the sidewall at $15, 588. A pullback followed, forming the upper boundary of the sidewall ($18, 199).
On November 21, 2022, BTC fell ($15, 476) and reached the top of its range ($18, 387) on December 14, 2022. Thereafter, liquidity on both sides of the trading spectrum led to declines and long-term price consolidations.

From January 8 to January 9, 2023, buy-side liquidity receded and there was an absolute fill of daily imbalance (full fill FVG 1D) that formed in the $16, 796 to $17, 275 range.

If the local uptrend structure is breached, further devaluation is expected. In this case, the development of the February target for BTC would gather liquidity from the sell-off and renew the lower limit of November 21, 2022 ($15, 476), continuing the decline from $12, 000 to $14, 000.

As for the April watch, the weekly chart of BTC shows that through consolation, its value has been moving in a downward direction for 427 days.

The RSI indicator is in the bearish zone. Sincere caution protects the downtrend. Currently, a price readjustment is taking place in the 1-week timeframe (FVG 1 W), in the range of $17, 190 to $20, 031.
Below that is a large pool of selling liquidity, for example, there is a weekly imbalance around $11, 720 to $12, 765, which is considered a value driver.

Based on the current price formation, we could see a wave of declines to $12, 000 and another sideways formation. After readjusting the value of the FVG 1W area within the above value range, a bull market is certain to begin in April 2023. Unable to read all totals. Retry…