BITCOIN- Levels and Scenarios Today 🆗😽 #OKXIDEAS
Hi everyone,
time to take a deeper look at the levels that are in play at thisvery moment.
First we must acknowledge the situation and i would highly propose you take a look at the 'Bigger picture':
(Don't forget to like and comment, i appreciate that)
Given that the price lies over crucial main key support level (mid channel at an ascending level roughly around 26800) means that we have support to base Long positions on.
The Bad scenario:
If that level is lost there is a second layer of support at 26500 but under that I also will be looking for short positions. That would be the 'Bad scenario' with Chances being less than 25% of that happening.
The text book scenario:
Text book says resistance becomes support, price then checks is as support and price can then rebound.
In this case the 26800 level has not been clearly checked as support as the price initially got rejected there on the 14 March 2023 and finally breached higher on the 17th of the same month (yellow circle on the chart).
Ever since we had a mild touch on the 23rd (double yellow and green circles on the chart) but i can't consider that as a 'check of support' as the rebound was mild and without much steam.
This does not mean that the price can not rise because we do have valid support levels at 29200-28700.
I see around 23% chances of this happening as I remain bullish.
Let's go to the 'Main scenario':
The Main Scenario:
Also you may call it the good scenario for Bitcoin as the secondary structure is again calling for Long positions at the moment(primary structure is the ascending channel and we are over breached support/resistance- the yellow level again) .
On the secondary structure we have the blue triangle which has been breached north checked once as support and the price is finding comfort and support at this very moment. That level is now the 29200 with 28711 being a third, mild but valid support.
Add the POC at 28k to the equation and we now have not one but Three valid support levels to build on.
Thus I estimate a 52% chance of going higher from here and before needing to go lower than 28,000 (27800 for the exchanges wick and that's my trade today/this week).
Other factors:
Nasdaq (and SP500) are doing well these days and this helps the cause and the analysis. Bitcoin is still co-related tothe markets and Earnings have been better than most expected. Given that the markets are '6 months ahead' as they say and that Feds have been quiet and reasonable without spreading Hawkish fears for massive rate hikes since the 'banks black swan', my analysis is optimistic since the info shows that we might be coming to an end of rate hikes(that usually leads to lower rates down the road).
A rate hike of 0,25% is expected in 5 days during the next FOMC Meeting according to CME whereas for the End of the Year 2023 the CME sees rate cuts as over 78% possible!
Other factors are offcourse the halving of Bitcoin next year and many more fundamental reasons that you should know already:
Professor is Bullish here.. What do you think?
Don't forget to like and comment. Thumbs up to #OKXIDEAS 🆗😽(oK + x)
One Love,
the FXPROFESSOR
time to take a deeper look at the levels that are in play at thisvery moment.
First we must acknowledge the situation and i would highly propose you take a look at the 'Bigger picture':
(Don't forget to like and comment, i appreciate that)
Given that the price lies over crucial main key support level (mid channel at an ascending level roughly around 26800) means that we have support to base Long positions on.
The Bad scenario:
If that level is lost there is a second layer of support at 26500 but under that I also will be looking for short positions. That would be the 'Bad scenario' with Chances being less than 25% of that happening.
The text book scenario:
Text book says resistance becomes support, price then checks is as support and price can then rebound.
In this case the 26800 level has not been clearly checked as support as the price initially got rejected there on the 14 March 2023 and finally breached higher on the 17th of the same month (yellow circle on the chart).
Ever since we had a mild touch on the 23rd (double yellow and green circles on the chart) but i can't consider that as a 'check of support' as the rebound was mild and without much steam.
This does not mean that the price can not rise because we do have valid support levels at 29200-28700.
I see around 23% chances of this happening as I remain bullish.
Let's go to the 'Main scenario':
The Main Scenario:
Also you may call it the good scenario for Bitcoin as the secondary structure is again calling for Long positions at the moment(primary structure is the ascending channel and we are over breached support/resistance- the yellow level again) .
On the secondary structure we have the blue triangle which has been breached north checked once as support and the price is finding comfort and support at this very moment. That level is now the 29200 with 28711 being a third, mild but valid support.
Add the POC at 28k to the equation and we now have not one but Three valid support levels to build on.
Thus I estimate a 52% chance of going higher from here and before needing to go lower than 28,000 (27800 for the exchanges wick and that's my trade today/this week).
Other factors:
Nasdaq (and SP500) are doing well these days and this helps the cause and the analysis. Bitcoin is still co-related tothe markets and Earnings have been better than most expected. Given that the markets are '6 months ahead' as they say and that Feds have been quiet and reasonable without spreading Hawkish fears for massive rate hikes since the 'banks black swan', my analysis is optimistic since the info shows that we might be coming to an end of rate hikes(that usually leads to lower rates down the road).
A rate hike of 0,25% is expected in 5 days during the next FOMC Meeting according to CME whereas for the End of the Year 2023 the CME sees rate cuts as over 78% possible!
Other factors are offcourse the halving of Bitcoin next year and many more fundamental reasons that you should know already:
Professor is Bullish here.. What do you think?
Don't forget to like and comment. Thumbs up to #OKXIDEAS 🆗😽(oK + x)
One Love,
the FXPROFESSOR
Comment:
#okxideas update:
new week and it's important to keep in mind there might be turbulence in the markets given the potential default (debt ceiling decision or not). keep you posted!
new week and it's important to keep in mind there might be turbulence in the markets given the potential default (debt ceiling decision or not). keep you posted!
Comment:
#OKXIDEAS Update:
Comment:
CPI: Inflation report about to give us a rebound?
Comment:
Major support:
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🌐FOREX SPECIAL: fxprofessor.com/forex-special 💡💙💬 Public Telegram: www.t.me/fxprofessor88 💎
🌐FOREX SPECIAL: fxprofessor.com/forex-special 💡💙💬 Public Telegram: www.t.me/fxprofessor88 💎
Price has secondary support at 27800 and 27470
If those levels are lost we are looking for a rebound at 26776.
Keep you posted