Gamblers_Paradise

Bitcoin Looks for ONE MORE Possible Chance to BUY THE DIP!!

Long
CRYPTO:BTCUSD   Bitcoin
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I've seen too many doom and gloom posts for Bitcoin, and there are macro and micro bullish patterns being layered with more bullish patterns as we get closer to the Havening.
Bitcoin is in a descending parallel channel, but it is not a bearish distribution. The distribution is bullish due to the top of the channel being tested already 4 different times, and the bottom side of the channel has only been tested once. The more times a support or resistance level is tested, the weaker it becomes.

Bitcoin has also created a macro inverse head and shoulders pattern, and each shoulder and the head of that inverse head and shoulders pattern is its own inverse head and shoulders pattern. The most bullish bottoming pattern in trading was just created 4 times to create the bullish support in the 60k - 73K range. This range includes the bullish double top that was made in 2021, plus now, this inverse head and shoulders pattern is made up of an inverse head and shoulder pattern in each of the shoulders and the head. We are now
Even though we did not break out off the inverse head and shoulders pattern, we will continue to cool off indicators with another drop down to the 65K level, or potentially the 59.7k level. The only reason that we would drop down that far again after creating the bullish pattern we just made would be the fetish Bitcoin has with needing to hit the .618 Fib retracement level.

The .618 Fib retracement level sits at 59.7k. The head of the inverse head and shoulders wicks down under the .55 fib retracement but never reaches the .618 fib retracement level. Since we are in a descending parallel channel, it would allow it to hit that .618 Fib retracement level now while staying within this parallel channel.


Another bullish pattern bitcoin has made, is the macro bull flag. We had a major run-up, from 38.5k, where volume increase was consistent and noticeable, and we topped out at 73.5k (about +93% upward).
Just by extrapolating the percentage move and estimating where the second pole moves from the bull flag would finish. More importantly, it would be important to know where the starting point for the next runup is. It would be starting from the 59.7k (.618 fib retracement level) and then extrapolating +93% upward would put us at about $115k (which also is the 1.618 Fib Extension Level).


Another pattern I see that can occur is, as I said previously, we technically have not bounced off the .618 Fib Retracement level ($59.7k), which is the bounce point Bitcoin has a fetish for to be able to start another bullish move upward.
Currently, we sit in a position where we are 2 weeks away from the Bitcoin Halvening, which is the catalyst that starts the new Bitcoin Bull Market, where we make a parabolic move. There are at least 10 different bullish confluences of support within the range of $60k- 73K , and the only bearish confluence is that the top side of the descending parallel channel we have has held any breakout above it from happening.

The move that I am possibly watching for would be one that lands us just shy of the $100k milestone.
The move would look possibly something like this, where the only way I could see this bullish confluence zone could become more BULLISH would be to make an eve & eve double bottom and create the second bottom with another inverse head and shoulders pattern. We would then break out to $73.5k peak and then around the same time as the halvening, we would look to break the peak and then use the .55 Fib Ext.Level and .5 FIb Ext Level to create a Bullish W-Breakout Pattern with making both bottoms re-test the previous peak of $73.5k. After re-testing both times, holding support above that previous peak, We would launch to the .618 Fib Ext Level, possibly re-test the top of the W breakout we just made, and then after, we would take a launch at the 1 Fib Ext. Level that sits at $93.8k.


Major key points would be:
-Drop to the .618 Fib Retracement level ($59.7k)
-Breakout bounce up to the .5 Fib Extension ($76.1k) or the .55 Fib Extension ($77.9k) of which breaks out $73.5k peak
-Minor Correction from the .55 Fib Ext and the .5 Fib Ext level down to re-test the $73.5k peak to create a Bullish W breakout pattern
-Breakout to either .618 Fib Ext ($80.3k) or the 1 Fib Ext ($93.5K)

Let me know what you think in the comments below! Which pattern do you see playing out?
1. Run-up to $115k
2. Run-up to $94k
Comment:
After further analysis of the support and bounce we had from the $65,000 point, I have been able to identify another probable trajectory path that could be unfolding.
This line would more than likely follow the move up to $94,000, then fiddle with the $100,000 milestone before moving forward.

Comment:
Based on current price action:
Here is the update trend projection I am looking for based on the bottom indicator now breaking into the upside territory, while we have cooled off other strength indicators as shown in the top indicator. This is a bullish diversion and am looking for gradual continued upside action, into the halvening, and then a breakout to new all time highs after the halvening.

Comment:
Bitcoin has seen a drop in price due to the international unrest in the Middle East part of the world due to the former rumors and now action by Iran deciding to attack Israel.
Along side with this fundamental analysis aligning with the price action, the technical analysis is still holding its formation. We have hit wick low double bottom at $60,800. We are still holding all candle bodies above the support line that has made our symmetrical triangle we have been consolidating in since early March 2024.
Despite not having actually touched the .618 Fib Retracement level, that sits at $59,750, which is what BTC uses to complete a correction and start its next run-up. This move was known as a possibility due to Market Makers doing something to wash out over-leveraged positions and sure enough, now 6 days before the havening block is mined, we have liquidations coming in hard.