If you recall from my last BTC analysis where we aim for 11k, now this is done and dusted, still BTC have more to offer provided if price holding above 9400usd.
What is important about this 9400usd zone is a level directly below CME gap which will likely get filled before further BTC rally and at same time price seems to be maintaining the rising channel. The channel is shown below.
From the channel two levels(10k3 and 9k4) are very important and will likely serve as BUY BACK ZONE should incase BTC retrace from this current zone of 11k4.
In addition to the above, checking through 3days chart there is huge breakout with serious volume and this also have immediate target pointing towards 14k zone.
More market update to follow as soon as I discover them.
Kindly go through the chart and do leave us with your comments to let us know how you feel about my latest view.
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Trade active
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Market presently establish 2 strong level first is 11250 as immediate resistance and 10800 as immediate support. We should look for breakout level within this little range of price.
Breakout from 11250 will take us to probably 12k3 zone While breakdown from 10800 will lead us to 10200-10k4
But what about your previous analysis where you anticipated a drop to 7.5K right after touching the 11.5K level? Should we consider it invalidated? How and why?
weslad
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@M.sarvi, As we all know market is dynamic, what we have right now is what we are dealing with. We have huge pressure from buyer and considering gold making new high is a big worry for us, which mean btc will like make some sort of huge rally.
m.sarvi
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@weslad, With all due respect, I'm not convinced. You wouldn't expect BTC to rise from 9K to 11.5K without a huge bull pressure and/or positive news, so you must have anticipated the current atmosphere in your calculations back then. I still see your previous charts more convincing. The big rallies are usually conducted by the big exchanges. During the previous accumulation, most of the retailers were shorting BTC, so it only makes sense for the exchanges to move the market upwards to liquidate the shorts. Now an accumulation is undergoing which is mostly comprised of long positions. So I'd expect some sideways market followed by a slow move to like 8.5K before the next accumulation for higher targets begins.
m.sarvi
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@M.sarvi, I'm talking about a similar scenario with the rally we had in October 2019. Everyone was talking about 14K and 18K back then too.
weslad
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@M.sarvi, I hope you are aware that price now break LH structure by making HH now by breaking 10k5 structure.
m.sarvi
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@weslad, You have to agree that after such huge moves there's always some reasons for us to turn super bullish. Last time it was iH&S, this time it's the breaking of an important trend line. This is your own idea from Oct 30 But after all, it's all a psychological game the big players orchestrate to move the money from retail wallets to their own. If only there was an indicator which could show us whether the majority of retail traders are interested in shorts or longs.
weslad
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@M.sarvi, I agree with your concern, there is a lot of senses in it, but fact remain that monthly price action is super bullish which giving me some worry. but let time define the moment for us and wait patiently to see what happen next.
m.sarvi
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@weslad, We agree on that. I'm also super bullish long-term. All I'm saying is that this idea of yours is still the one I think is more likely to be realized:
go_cam
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As always - nailing it. Excellent work, thanks for sharing.