Hello traders, I hope you all are doing well with these recent dumps. The market was already in an uncertain stage and then the pump-and-dump scenario by the two most powerful influencers. There's a lot to take but in this chart, I will try my best to simplify all these complications.
In this chart, I am gonna talk about three important things, Past & present scenarios, Support level, and the bull run.
So, let's get started!
Note: This update is going to be a long one so please bare with me till the very end.
1. PAST & PRESENT SCENARIOS: It was March 29th, 2022, when BTC dumped from $48k all the way to $24k (-50%) in 44 days, and the market went crazy. Then we saw some sideways moves for about 33 days expecting BTC to bounce back but on June 12, it made another drop from $28k to $17.6k (-38%) in just 6 days. Ever since then, BTC is trying to maintain this support level (17.6k) and push the price toward a bullish rally.
The recent drop has brought BTC back to a similar situation where holding the support is a must. If history is going to repeat and BTC breaks down the $17.6k support then a -38% drop would mean BTC at $11k to $12k.
2. SUPPORT LEVEL: $17.6k has been an important support for BTC. In a daily timeframe, this may look like important support but in weekly TF, it is not. I will share details about the weekly chart in my next update. For now, we will consider $17.6k to be the present support.
3. THE BULL RUN: We all are anxiously waiting for the bull run and there are many traders predicting dates for the bull run. They can be right, according to their analysis. For me, I would rather go with the numbers. In this chart, you'll see 2 confirmation levels, 1st confirmation level is at $24k to $25k and then the 2nd confirmation level is at $30k to $32k. BTC needs to break these two levels to confirm a bull run, until then we need to wait and accumulate the bottom levels.
KEY POINTS:
* $17.6k Support.
* $24k to $25k 1st bull run conformation.
* $30k to $32k 2nst bull run conformation.
What is your thought on the current market scenario? Let me know in the comments.
Good hours ahead, thank you.
In this chart, I am gonna talk about three important things, Past & present scenarios, Support level, and the bull run.
So, let's get started!
Note: This update is going to be a long one so please bare with me till the very end.
1. PAST & PRESENT SCENARIOS: It was March 29th, 2022, when BTC dumped from $48k all the way to $24k (-50%) in 44 days, and the market went crazy. Then we saw some sideways moves for about 33 days expecting BTC to bounce back but on June 12, it made another drop from $28k to $17.6k (-38%) in just 6 days. Ever since then, BTC is trying to maintain this support level (17.6k) and push the price toward a bullish rally.
The recent drop has brought BTC back to a similar situation where holding the support is a must. If history is going to repeat and BTC breaks down the $17.6k support then a -38% drop would mean BTC at $11k to $12k.
2. SUPPORT LEVEL: $17.6k has been an important support for BTC. In a daily timeframe, this may look like important support but in weekly TF, it is not. I will share details about the weekly chart in my next update. For now, we will consider $17.6k to be the present support.
3. THE BULL RUN: We all are anxiously waiting for the bull run and there are many traders predicting dates for the bull run. They can be right, according to their analysis. For me, I would rather go with the numbers. In this chart, you'll see 2 confirmation levels, 1st confirmation level is at $24k to $25k and then the 2nd confirmation level is at $30k to $32k. BTC needs to break these two levels to confirm a bull run, until then we need to wait and accumulate the bottom levels.
KEY POINTS:
* $17.6k Support.
* $24k to $25k 1st bull run conformation.
* $30k to $32k 2nst bull run conformation.
What is your thought on the current market scenario? Let me know in the comments.
Good hours ahead, thank you.
