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EthanTW
Oct 6, 2023 7:57 PM

BTC target 29k in October Long

BTCUSDT Perpetual ContractBybit

Description

4h time frame
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According to previous analysis about Butterfly pattern on Bitcoin(ref.1), there is a PRZ around 29000~29400. Today, we are going to talk about the time analysis, if take a look at the analysis about Bitcoin bear bottom (ref.2), a potential top structure-head and shoulders was pointed out in that post. Further, separating the left shoulder into two waves, from the dumping wave(31000~24700) took 62 days to create. This date range allows us to estimate the time that right shoulder needs, and the best timing to reach RS top is before end of October.
Obviously, once Bitcoin start pumping and going into PRZ, we can open short there, and there are two scenarios(white & blue trend), I will talk about these two potential scenarios, including target, stop loss and risk in near future

ref.1

ref.2
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