Bitcoin heading to test the support level again soon, breakout?
Take noted the below is not an investment advise, bet at your own risk. I am solely not responsible for any of your loses in money or assets.
The Current Bitcoin price is USDT26221.12 as of 26 September 2023.
The Bitcoin have potential to drop to USDT24292.54 range in the coming 1.5 months before the Fed's FOMC in November 2023.
The price will hover between USDT24292.54 to about USDT29240.33 within this period.
Potential strong tailwind is the pause of US Fed's rate hike this coming November 2023. This will drive and test the resistance level at USDT29240.33. If there is a breakout then the next level of stronger resistance based on the dynamic resistance will be at USDT31334.78. If there is a breakout at USD31K plus then the next power strong 1 week resistance at USDT63665.58
Potential strong headwind will drive the market to around USDT24292.54 because of higher rate for longer by Fed's US. If next 1.5 months down the road if there is other or fews strong headwinds appears then the price might breakout from USDT24292.54 and head lower to a super stronger support of 1 month chart at USDT14576.47. This is highly unlikely to happen withing next few months as the Fed's is data dependent and also depend of the next 6 months' data to say that they will maintain the Fed's funds rate for longer. Still I think is not clear at the moment that the Fed's need higher for longer for 2 years.
USDT14576.47 is a very strong support level based on the 1-month chart of Bitcoin. I would only start buying a little at USDT24292.54 and reassess for 2 to 3 weeks before buying more. If by the time Bitcoin reach USDT24292.54 and the S&P most likely have no reach 3900. The Bitcoin might go lower following the S&P 500 going to 3900.
Based on current market condition it is highly unlikely to get a low that surpasses last year October 2022 bottom. However, the future for a US recession is unclear currently as there is both camp of soft landing and a recession.
The Current Bitcoin price is USDT26221.12 as of 26 September 2023.
The Bitcoin have potential to drop to USDT24292.54 range in the coming 1.5 months before the Fed's FOMC in November 2023.
The price will hover between USDT24292.54 to about USDT29240.33 within this period.
Potential strong tailwind is the pause of US Fed's rate hike this coming November 2023. This will drive and test the resistance level at USDT29240.33. If there is a breakout then the next level of stronger resistance based on the dynamic resistance will be at USDT31334.78. If there is a breakout at USD31K plus then the next power strong 1 week resistance at USDT63665.58
Potential strong headwind will drive the market to around USDT24292.54 because of higher rate for longer by Fed's US. If next 1.5 months down the road if there is other or fews strong headwinds appears then the price might breakout from USDT24292.54 and head lower to a super stronger support of 1 month chart at USDT14576.47. This is highly unlikely to happen withing next few months as the Fed's is data dependent and also depend of the next 6 months' data to say that they will maintain the Fed's funds rate for longer. Still I think is not clear at the moment that the Fed's need higher for longer for 2 years.
USDT14576.47 is a very strong support level based on the 1-month chart of Bitcoin. I would only start buying a little at USDT24292.54 and reassess for 2 to 3 weeks before buying more. If by the time Bitcoin reach USDT24292.54 and the S&P most likely have no reach 3900. The Bitcoin might go lower following the S&P 500 going to 3900.
Based on current market condition it is highly unlikely to get a low that surpasses last year October 2022 bottom. However, the future for a US recession is unclear currently as there is both camp of soft landing and a recession.
Comment:
Current price at USDT35296.76 still no reach the 1 day time lag resistance yet currently at USDT39004.37. Still some room to go before reach the 1 day resistance.
Trader should keep the BTC coins until USDT38k plus or USDT39k then wait for 2 to 3 week to see if there is a breakout to decide to hold on or sell.
Most likely no strong headwind so the price might breackout and move to USDT63,665.58.
Trader should keep the BTC coins until USDT38k plus or USDT39k then wait for 2 to 3 week to see if there is a breakout to decide to hold on or sell.
Most likely no strong headwind so the price might breackout and move to USDT63,665.58.
Trade closed: target reached:
Current Bitcoin price as of 3rd December 2023 is USDT39,752.41 and testing the 1 day resistance level previously forecast at USDT39,004.37 but the current dynamic resistance have move to about USDT40,200.
Proven the previous recommendation to be correct to hold Bitcoin until this level. Need to wait and see to reassess the pricing for another 2 to 3 weeks before deciding to sell.
Currently there is no existence of strong headwind and only the strong tailwind of Bitcoin spot ETF to be approved along with the Ethereum spot ETF.
Not surprise that the coming week the Bitcoin price will move above USDT40K and stay stable above this range and price fluctuating around USDT40K plus.
Only potential strong headwind might come on December 13, 2023 from the US feds Fomc meeting. If bad news then there might be a strong headwind for the cryptocurrency market.
Trader should hold their Bitcoin for another 2 to 3 weeks after Fed's FOMC before deciding to sell.
Proven the previous recommendation to be correct to hold Bitcoin until this level. Need to wait and see to reassess the pricing for another 2 to 3 weeks before deciding to sell.
Currently there is no existence of strong headwind and only the strong tailwind of Bitcoin spot ETF to be approved along with the Ethereum spot ETF.
Not surprise that the coming week the Bitcoin price will move above USDT40K and stay stable above this range and price fluctuating around USDT40K plus.
Only potential strong headwind might come on December 13, 2023 from the US feds Fomc meeting. If bad news then there might be a strong headwind for the cryptocurrency market.
Trader should hold their Bitcoin for another 2 to 3 weeks after Fed's FOMC before deciding to sell.
Comment:
Today bitcoin as of 6th December 2023 is USDT43,990.05 already breach the 1 day dynamic resistance at USDT40,200.00 but yesterday and today of 5% move per day is not sufficient to confirm a breakout in the price.
If there is a closing green candle stick for the day at 7% upside then there is a breakout and the price might go up at least another 100% to about USDT88k in the coming 3 to 6 months time.
This depends very much on no strong headwind appearing in the coming months and the Strong tailwind of Bitcoin spot ETF and halfing exist.
Even without a breakout the bitcoin price will move steadily upwards until the Fed's FOMC. Need good news from Fed's FOMC this 13th December 2023.
If there is a closing green candle stick for the day at 7% upside then there is a breakout and the price might go up at least another 100% to about USDT88k in the coming 3 to 6 months time.
This depends very much on no strong headwind appearing in the coming months and the Strong tailwind of Bitcoin spot ETF and halfing exist.
Even without a breakout the bitcoin price will move steadily upwards until the Fed's FOMC. Need good news from Fed's FOMC this 13th December 2023.
Trade active:
13th December 2023 FOMC good news and the bitcoin price move uptrend from USDT43,990.05 to USDT48969.48 on 11th January 2024.
There is currently a potential rally of bitcoin due to the strong tailwind halving of bitcoin effect anticipation rally with no strong headwind. Fear of 2023 Q4 earnings for S&P 500 is most unlikely a strong headwind for cryptocurrency.
USDT49447.37 is the current resistance that exist for bitcoin at 4 hours charts. The price action will most likely break this level very easily if there is no strong headwind in the coming months.
Next resistance level is USDT63,665.58 from the 1 week chart resistance level. Price can go to this level in this year.
There is currently a potential rally of bitcoin due to the strong tailwind halving of bitcoin effect anticipation rally with no strong headwind. Fear of 2023 Q4 earnings for S&P 500 is most unlikely a strong headwind for cryptocurrency.
USDT49447.37 is the current resistance that exist for bitcoin at 4 hours charts. The price action will most likely break this level very easily if there is no strong headwind in the coming months.
Next resistance level is USDT63,665.58 from the 1 week chart resistance level. Price can go to this level in this year.
Trade active:
In the coming 3 months the all-time high for Bitcoin at USDT69,000.00 can be reach and potentially going up another 70% to 100% from USDT69,000.00. It will only happen if there is not strong headwind not appearing in the market for US equity and cryptocurrency.
Current target price roughly around USDT117,300.00 to USDT138,000.00. Tom Lee from Fundstrat target is even more bullish around USDT150K. These pricing range could happen but need follow FOMC news. It is possible.
Trader should now buy Bitcoin at any pullback or dip in the market. Current price already at USDT61K to USDT62K range. Last two days the intraday price was USDT64K.
The price action seems no problem breaching USDT63,665.58 level and head higher.
Current target price roughly around USDT117,300.00 to USDT138,000.00. Tom Lee from Fundstrat target is even more bullish around USDT150K. These pricing range could happen but need follow FOMC news. It is possible.
Trader should now buy Bitcoin at any pullback or dip in the market. Current price already at USDT61K to USDT62K range. Last two days the intraday price was USDT64K.
The price action seems no problem breaching USDT63,665.58 level and head higher.
Trade active:
Bitcoin take about 6 months after halving only reach it all time high. Now it been only a month after halving. The price increase will not be so soon.
If the CPI, PPI, ECI and PCE data is good this month and not hot. Bitcoin will see and uptrend momentum to breach USDT73K or more.
Due to the uncertainty in the USA Fed's how many rates cut this year or uncertainty when the rate is cut this year. Bitcoin price uptrend might be delay until good news from the data and good news from Fed's FOMC.
There may or may not be a Bitcoin bull run this year but if there is one coming then the target price is about USDT117.3K to USDT138K.
Buy the Dip for Bitcoin currently.
If the CPI, PPI, ECI and PCE data is good this month and not hot. Bitcoin will see and uptrend momentum to breach USDT73K or more.
Due to the uncertainty in the USA Fed's how many rates cut this year or uncertainty when the rate is cut this year. Bitcoin price uptrend might be delay until good news from the data and good news from Fed's FOMC.
There may or may not be a Bitcoin bull run this year but if there is one coming then the target price is about USDT117.3K to USDT138K.
Buy the Dip for Bitcoin currently.
To cut it short, the Bitcoin price has breach the 4 hour resistance level at USD29,240.33 level but yet to seen a breakout. The strong tailwind of the war and the potential pause of US Fed's rate hike and the future strong tailwind of Grayscale Bitcoin ETF approval might cause a breakout and the price might just reach USD63,665.58 and test that level of resistance. Bear in mind that this is without the Bitcoin Halfing in April 2024.
The current price will reach the 1 day resistance at USD37,760.29 if there is not near future strong headwind for Bitcoin. When the price reaches this level. Traders need to reconsider and wait for 2 to 3 weeks on the price action to confirm a breakout. Need a move up at least 7% or more of 1 day closing price after USD37,760.29.