Strong resistance near 53k USD. Your indicators continue to develop bearish structure. That is definitely not bullish. Additionally, you seem to see pattern everywhere, even there where there is no pattern. No offense meant though.
Tez8
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@Tradersweekly, it is a depleting selling trend and a key reversal.
Technical target is to the upside.
Tradersweekly
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@Tez8, Price just dropped to 49k USD. Not bullish at all.
Tez8
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@Tradersweekly, I am targeting the next swing high which is 78k.
If you are scalping, then closing at 53k makes sense.
My forecast is on the daily and looking at multi weeks trends. Not intra day movements.
I still maintain the bottom is. Upwards momentum will increase over the next days and weeks.
Tradersweekly
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@Tez8, I am not suggesting scalp price target. I am suggesting direction of prevailing trend at the moment. We will not see 78k USD anytime soon.
78k will take weeks. It is the next technical swing high target
Tradersweekly
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@Tez8, Well, 20% drop is normally considered bear market. How low has BTC to go for you to acknowledge bear market? Is 50% enough? Or is it 90%?
Tez8
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@Tradersweekly, Seriously good questions. Crypto is a different asset class, 20% and even 40% - in this week - does not constitute a bear market. Usually, BTC has 3-4 pull backs 30-40% per year.
BTC is holding above the daily 200 MA - as I pointed out in the chart.
On the weekly it is still above the 55 EMA.
It classic ABC correction after a 5 wave impulse.
Finally, despite sentiment almost going to zero, it is still at 50k level.