Cryptorphic

#BTC retraced to 37k! What will be the new higher Low?

Long
BINANCE:BTCUSDT   Bitcoin / TetherUS
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The recent trade we took is TLM Long around .26- .27 zone that we are holding now.

BTC couldn't break and close above 42k and we saw a retracement to the lower 37 levels exactly as speculated in the last update,

What's next?
There are two possible scenarios with overall bullish trend .

1. We needed a higher high for BTC we already got it so 37k are could be the level where we bounce as the new higher low.

2. Else we can retrace to the second demand zone which is around 34k to 35k level.


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Trade active:
BTCUSDT 12 Hour Chart: The 12 Hour chart looks way better than other TFs tbh.
It is holding the trendline support after the breakout.
IMHO, BTC must continue its uptrend.
Comment: BITCOIN IS READY FOR A MEGA RALLY BUT ON FEW CONDITIONS: READ THE LATEST UPDATE BY CLICKING ON THIS CHART.

Trade active:
#Bitcoin: Hit a $40600 low a few minutes back. I was waiting for this retracement as I told you.
IMHO multiple retests are likely before the weekly close.
We need a close above 41.2k level.
This will confirm an uptrend in Higher TFs too.
Let's wait for the weekly close I'll keep this chart updated.
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Comments

Hi this is my first comment and I like your analysis but I have a question
what do you think of the theory that suggests that btc could still fall to 24-20k as we are still in a downtrend overall ?
+2 Reply
Cryptorphic Ihave2tickets
@Ihave2tickets, Of course, if we don't break and close above the 42k level that theory could become relevant,
This whole pump could end up being the last bull trap. For a confirmed uptrend we need a breakout with good volume. and a weekly close.
+1 Reply
That's scary 😬
thanks for your response 👍
+1 Reply
Cryptorphic Ihave2tickets
@Ihave2tickets, IMHO That's unlikely at least for now, so chill :)
+1 Reply
Thanks again for the update. The TLM trade is ongoing, but don't you think BTC's price movement downward will affect TLM uptrend?
Reply
Cryptorphic ThreeShs
@ThreeShs, Of course BTC does affects altcoins but NFTs are more fundamentally driven. With their event I expect at least a 20% pump.
+1 Reply
ThreeShs Cryptorphic
@Cryptorphic, alright. Thank you.
Seems you took profit on TLM & reentered at 0.29ish again. Can you pls update me what the targets are again? I was waiting for the first target you gave at 0.56, has that changed?
Reply