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Price Analysis: $20,905 (ETH)

📈 BTC closed the week at 20,905 level. BTC week toptrades

✅ Total market cap (TOTAL) returns above MA200 and tests the global RSI downtrend line.

1/6

➕ The price is in the support zone [formed by the ATH 2017]

2/6

➕Formed a tightly traded zone [18,5k-20k]. Up to the level of 29k there is low trading zone ➕Growing volumes in the sideways area portend a powerful move ➕Potential DD ➕Break out the global downtrend line from Jan 2021

➖Bear trend ➖RSI is in the bearish zone

3/6

➖Continuing to accumulate under the MA200 ➖Fear Index hasn't fallen below 20 since Sept 1 (although it fell to 6 [June 18] at the same price levels) ➖Sluggish breakdown of the global downtrend line from Jan 2021 (acts as a resistance zone)

4/6

➖Momentum is bearish (rising much slower than falling) ➖Still didn't reach the main SL zone [18,100 and 17,600] ➖Considering the macroeconomic situation, the downside probability is increasing

Conclusions: The drop from 40,000 occurred without correction to.....

5/6

... the resistance zone, and while we are above a significant support zone (ATH 2017) the LONG priority remains

▪️ Fixing above the 24,000 level ▪️ 25,000-27,000 — interest zone [withdrawal of liquidity to buy from the top of the range]

6/6

▪️ Test global resistance zone 29k-32k

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This post is based on this twitter thread.

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