It's been some time since we looked at Bitcoin. Since then we've made all time highs and come back down.
In our analysis from June 21st, we were looking for price to hold the 30K level and bounce from there for another move higher. See below for that idea:
In our last analysis, we were looking for a continuation of the Impulse from the 30k level. See below:
We have been in a series of impulses and corrections indicating where we may go next. Right now, we appear to be in a descending correction, heading towards 2 important structure levels.
The first structure level is the 40K level where we had a pretty significant bounce in September 2021 which rocketed us to all time highs! This could be a significant level from where we bounce off from again.
The second structure level is the 30K level where we started our 2021 bullrun. From the weekly timeframe, we can see that the 30K level holds significant value as we bounced off it numerous times. We can also see that we are in a bullish expanding flat correction, indicating that we may bounce off this level for a move higher.
Trade Idea:
- Watch for price to keep correcting back down to one of the structure levels (30K structure level being the ideal level)
- Once price bounces off from structure level, enter with stops below that level
- Safe entry would be after the break of the descending trendline (correction) which would indicate bullish reversal signs
- Target the ATH as first target and keep holding the rest until we see bearish reversal patterns such as ascending corrections or double tops
Goodluck and as always, trade safe!
In our analysis from June 21st, we were looking for price to hold the 30K level and bounce from there for another move higher. See below for that idea:
In our last analysis, we were looking for a continuation of the Impulse from the 30k level. See below:
We have been in a series of impulses and corrections indicating where we may go next. Right now, we appear to be in a descending correction, heading towards 2 important structure levels.
The first structure level is the 40K level where we had a pretty significant bounce in September 2021 which rocketed us to all time highs! This could be a significant level from where we bounce off from again.
The second structure level is the 30K level where we started our 2021 bullrun. From the weekly timeframe, we can see that the 30K level holds significant value as we bounced off it numerous times. We can also see that we are in a bullish expanding flat correction, indicating that we may bounce off this level for a move higher.
Trade Idea:
- Watch for price to keep correcting back down to one of the structure levels (30K structure level being the ideal level)
- Once price bounces off from structure level, enter with stops below that level
- Safe entry would be after the break of the descending trendline (correction) which would indicate bullish reversal signs
- Target the ATH as first target and keep holding the rest until we see bearish reversal patterns such as ascending corrections or double tops
Goodluck and as always, trade safe!
Comment:
Bitcoin almost at 40k! If Bitcoin goes to 30k, we’ll see Ethereum go down to 1700.
Have a look at the chart below:
Have a look at the chart below:
Comment:
Almost at 30K! Who's ready?
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Still expecting a further drop - looking like 40K may be the reversal zone. However, if we do break 40K, we will be looking at 30K.
Always stay adaptable.