Hello dear friends, I hope you're doing well. Before delving into Solana and Bitcoin analysis, let me reiterate two important points for newcomers and myself:
1. If you haven't profited from market dips or experienced severe liquidation, take a few days off from the market.
2. Avoid entering the market for revenge, as emotional decisions could lead to further losses.
As you can see, Bitcoin experienced an 18% drop from the $73,600 ceiling and reached a support level of $60,000.
The question arises: Is the $60,000 range an attractive zone for market makers or major players? My answer is a resounding no, for several reasons.
As I've mentioned before, the $60,000 range serves more as a psychological barrier than a significant support level.
Market makers reinforce this range so you can comfortably take long positions at 20k, 40k, or 80k without worry, or even go full margin long.
In my opinion, the $60,000 range is the biggest bull trap that market makers have set for us. Within less than a week before the halving, the $60,000 range has been strongly supported, but 8 to 10 days later, CZ's criminal sentencing area awaits us.
Considering the current dominance of Tether and the breakdown of the rising wedge bearish pattern, we could look to open short positions in the $64,500 to 68,000$ range. The likelihood of this scenario playing out is very high. -------------
Here are the potential scenarios for Tether's dominance:
1. A move of 4.7%, breaking the resistance at 5% and reaching the 5.85 range, which is the channel's midpoint. 2. A correction to the 4.5 to 4.36% range to complete the upward pullback, followed by a move towards the 5.85 range, which is the channel's midpoint.
Therefore, we conclude that Tether's dominance is very bullish. It's likely that the $60,000 support range will be broken, and the price will drop to $45,000 (the 5.85 USDT.D range). -------------
The Elliott Wave count I conducted in the previous analysis on the RSI indicator is nearing completion. Wave A has been completed. ------------- I'd be happy to share your opinion with me. Your likes, follows, and comments give me energy.
Trade active
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It seems you had your position set at $61,000, expecting $68,000, but the market didn't comply. An intriguing scenario would be Bitcoin hitting another high around $68,000 to $70,000, followed by major investors executing primary sell-offs. Bitcoin's dominance is high, which reduces the likelihood of a severe crash. In my opinion, a logical decline would occur about a week after the halving.
can you write if your position on this has it changed? there is a bullish flag extending towards a low of only around 57,58 or 59k.if it does dip, do you believe its a precursor to break to next high? todays date, 64598 is interim support.
Sadegh_Sh
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@surfs Hello dear friend, I currently don't have any position on Bitcoin. The range of 70 to 72 thousand dollars is where I consider entering a short position, possibly around April 28 or 29.
i flipped back occasionally to yours; do you think it'll ever hit your second target? or it stops at the first, or perhaps even higher than that? i've more fvgs than the ones there. still high at the moment, not that 'terrifying' yet.
surfs
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you shorted which value? price touched first fvg in your other diagram, recovered to push up. has it bottomed? we passed the halving. and there was much sellside liquidity there. trying to put into context how far out you are drawing or its just a conjecture that never may reach. another is this critical zone may or need not be a bull flag. this entire area simply could be distribution. what is your thesis for any continued bearishness?
Sadegh_Sh
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@surfs In the $73,000 range, when everyone was talking about targets ranging from $100,000 to $250,000, my initial target was $60,000. I warned about the April crash two months prior with numerous reasons and logic. Therefore, it's unfair to dismiss my analyses as mere sketches. The market demands patience. If Bitcoin reached $73,000 in one week or one month, should we expect a one-week drop to $53,000? Especially with negative ETF outputs, post a couple of months in a sideways and uncertain market. I'm still waiting for the $53,000 mark, but keep in mind, all of this is analysis and subject to error. A currency like Solana responds appropriately to my timeframe and precisely hits my $127 target, whereas a currency like Bitcoin requires more time to reach the $53,000 range.
Solana2DMoon
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Happy liquidation once again
surfs
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any reason you expect one week after the halving, not during or few days after halving? or even weeks and months later. oh, is cz's again, not the war element, or TA for this?