Hello Traders, here is my analysis for BTCUSD.
As you can see not much has changed since my last BTC post, BTC has basically been trading in the same sideways formation for the past 2 weeks.
There hasn't been much to update given this sideways price action but I wanted to give you all the target levels depending on which way BTC breaks...
- One positive thing to note is that BTC has held up very well over the past 2 weeks despite a volatile stock market. This tells me that BTC has stabilized and is preparing for the next move. The question remains... which direction will the move occur??
- As of right now the probabilities still favor BTC getting a bounce a having a short term rally, but we have to be prepared in case that doesn't play out.
So What Are The Possible Price Targets?
- The great thing about BTC trading in this sideways formation is that it makes it very easy for us to predict what levels BTC will hit depending on which direction it breaks.
- As you can see I've broken the chart into 2 sections - Bullish & Bearish
BULLISH
- If BTC breaks and holds above resistance at $31.4K, this is a breakout and expect BTC to hit target #1 at $33K.
BEARISH
- If BTC breaks and holds below Support at $28.6K, this is a breakdown and expect BTC to hit target #1 at around $27.2K
How High Can BTC Go?
- If BTC was to breakout and hit target #1, I do think BTC could possibly head to target #2 eventually. It's possible that after the first target is hit that BTC could consolidate for some time again before heading to target #2.
- Personally I would unload around 75% of my profits at target #2 being as I think target #3 has a low probability of being hit.
- The higher BTC goes, the lower the probability of it hitting the next resistance level.
- The probabilities dictate that the highest BTC could go during a corrective bounce would be around $39K.
What Happens After BTC Rallies?
- After BTC has it's corrective bounce, I would expect for price to come back and retest the bottom of the parallel channel around $26.5K.
- BTC would probably get another bounce of that level before consolidating again.
What is The BTC's Bottom This Bear Cycle?
- Based off my analysis I think BTC will easily hit at minimum $20K (Previous High)
- However I think BTC will most likely bottom out at around $12K possibly even lower.
Thanks Everyone and Best of Luck Trading!
As you can see not much has changed since my last BTC post, BTC has basically been trading in the same sideways formation for the past 2 weeks.
There hasn't been much to update given this sideways price action but I wanted to give you all the target levels depending on which way BTC breaks...
- One positive thing to note is that BTC has held up very well over the past 2 weeks despite a volatile stock market. This tells me that BTC has stabilized and is preparing for the next move. The question remains... which direction will the move occur??
- As of right now the probabilities still favor BTC getting a bounce a having a short term rally, but we have to be prepared in case that doesn't play out.
So What Are The Possible Price Targets?
- The great thing about BTC trading in this sideways formation is that it makes it very easy for us to predict what levels BTC will hit depending on which direction it breaks.
- As you can see I've broken the chart into 2 sections - Bullish & Bearish
BULLISH
- If BTC breaks and holds above resistance at $31.4K, this is a breakout and expect BTC to hit target #1 at $33K.
BEARISH
- If BTC breaks and holds below Support at $28.6K, this is a breakdown and expect BTC to hit target #1 at around $27.2K
How High Can BTC Go?
- If BTC was to breakout and hit target #1, I do think BTC could possibly head to target #2 eventually. It's possible that after the first target is hit that BTC could consolidate for some time again before heading to target #2.
- Personally I would unload around 75% of my profits at target #2 being as I think target #3 has a low probability of being hit.
- The higher BTC goes, the lower the probability of it hitting the next resistance level.
- The probabilities dictate that the highest BTC could go during a corrective bounce would be around $39K.
What Happens After BTC Rallies?
- After BTC has it's corrective bounce, I would expect for price to come back and retest the bottom of the parallel channel around $26.5K.
- BTC would probably get another bounce of that level before consolidating again.
What is The BTC's Bottom This Bear Cycle?
- Based off my analysis I think BTC will easily hit at minimum $20K (Previous High)
- However I think BTC will most likely bottom out at around $12K possibly even lower.
Thanks Everyone and Best of Luck Trading!