Bitcoin(BTC): Fighting Never Stops Near This Zone

Another week, and we are still near that major ATH zone where we are not seeing any significant moves.

While Halving is almost here, people are waiting for something great to happen overnight, but bear in mind that Halving is bullish news for long- term, and while Halving has also marked the start of bull run, we had already had a healthy correction before it (which marked the real start of the bull run).

So here we are left with two choices (where we want to see more the correction one). first choice is seeing a healthy correction, followed by the start of the bull market, or the second choice, which would mean securing fully near ATH zone with buyers and moving to new highs.

To be honest, we think we will see "buy the rumour, sell the news" event but who knows, Now all we can do is wait and see how market will react!!

Also, bear in mind that the market is all about psychology !!!

Swallow Team

Comment:

In a 4-hour timeframe, we are seeing a nice fakeout occur near a breakout zone, which indicates potential further movement inside the triangle formation.

But wait, the fakeout is not yet fully formed as we are testing the broken zones, which are also lined with the middle line of Bollinger Bands.

So here we are keeping an eye on that line there and a potential full fakeout zone, which would leave us with two potential scenarios, as price would be under pressure from both buyers and sellers.

Swallow Team

Comment:

Another day, and now we are seeing a fully formed fakout with price moved back inside the triangle formation zones.

As the price is back in this zone, we will see some sideways moves for some time and then potentially a very sharp movement, either to the upper or lower zones.

We are also going to keep an eye on the 200EMA line, which might be tested multiple times in the coming days!

Swallow Team

Comment:

After having a nice small breakout price, it has gone for another attempt to breakout fully and move to the $75K zone.

We are still a little sceptical about the breakout, but if we see it, we will be looking for a price to move towards $75K as a re-test of the ATH zone, from where we want to see a rejection and a movement to lower zones.

Comment:

And we got what we came for. After another attempt at breakout, we had our skepticism, and we ended up in another fakeout zone, which nuked the price down with 11% of market price movement. (dragging almost all ALTs with it).

From next week, we will have more updates about our next plan on BTC, but for now, we did just a small update!