I decided to post today, cause I believe is very important to give update to market situation as we are reaching new BTC ATHs and many new traders and even experienced one are confused about whats gonna happen. Hope my "2cents" about where we are now, and what possible is gonna happen help you in navigating in upcoming days and weeks.
To break down it down I decided to use Monthly chart, just because Its the best one to see in BIG picture about where market is and whats going on. To help that , I color coded chart into these "choped" lines which represents uptrends in time and was served as support/resistance lines between price/time.
As today, we are at time, when we are very close under MAIN yellow line, which serving for whole lifetime as support/resistance line and today it is RESISTANCE. Which is very important when we look on a fact, that we currently are in 6 months of bullrun if we speak candle close wise, arguably, 12 months if we not count Jun and Sept. candles. Closing more then (6) green candles in a row happend only once in history of BTC it was (7) . Matter why its that important is, we are up 20x from bottom and anyone in this point is buying , opening trades, in overheated market which have uncertain close future. Especially when we are with sync. with that YELLOW resistance chanel. It should make one being carefull.
Being extra carefull on markets is never wrong thing.
With that said, I'm not telling, we are gonna crash, dump, correct - call it as you want, Im telling there is possibility for it, when we take bigger outlook. If we take a look on chart, we can see potentional targets around 38k (35k). With small chance of going back to 32k-28k. Anything bellow is JACKPOT buy and we could never ever come back to these prices again.
On the other hand there is aswell posibility further uptrends, but I believe there are price/time limits which we can reach , before it correct. Looking at weekly chart we can see where yellow line is and what price is around that. If we reach this line in very short term I would be carefull about any other further price uptrend. It should respond around 93k in 4-12 weeks. Aswell I think its very important take into count TIME it takes to reach next upper goals, as is 65k , 70k , 75k ect. The longer it gonna take , the bigger possibility of reaching highier price limits.
TLTR: We are on thin line between "correction" and price discovery mode, One should be very carefull about taking his decisions on market, especially today and following days.
Weekly chart : Possible ways to go
With all that said, hope these 2cents help someone & for everyone succesfull trading and good luck.
Best regards, Joe
DISCLAIMER: This is not financial advice. One should always do his own research before taking decision enter markets.
right know I would say there is good potentional that we could come back to that 32-28k levels again withing few days (potentionaly hours).If that scenario happen I would be thinking that there is probability of going back up to sub 45k levels before slowly bleeding. With potentionall of reaching lower 20k levels after. BUT!!! Its very hard to tell right now and in this point it would be just coin toss.