Bitcoin technical analysis

Bitcoin chart mt4

Today , look at the Bitcoin chart on the four-hour time frame, it shows that there is a distribution pattern that supports selling from the current price of $30,360, after it failed to breach and break the $31,180 barrier.

On June 22, 2023, bitcoin prices reached $31,200, and we notice the presence of a clear overbought candle, and the buyers’ unwillingness to complete the purchase at this daily level.

A simple look at the candlestick pattern between the 31,200 price range and the 29,500 range, in which the actual control of the buyers ended, shows the existence of a high liquidity area and an expected selling distribution after two failed attempts to breach the 31,200 level, as an expression of the presence of traders stuck in this area, in application of Wyckoff’s theory in trading.

Bitcoin is expected to fall to $27,000 levels to fill the resulting price gap.

As shown in the drawing.

I attached in the article one of Wyckoff's distribution models.

Wyckoff distribution

I hope to agree with my point of view.

I hope for your support.