Welcome to this quick update everyone. If you are reading my updates for the first time do follow me to get more complex charts in a very simplified way. I also post altcoin setups on Spot, Margin, and Futures. 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.
If you like this update do hit the like button and share your views/requests regarding trades and charts in the comments section. Also do not forget to check out other trade setups and charts, I'll leave links below this update.
Thank you
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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.
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BITCOIN IS READY FOR A MEGA RALLY BUT ON FEW CONDITIONS: READ THE LATEST UPDATE BY CLICKING ON THIS CHART.
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#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. DO FOLLOW ME IF YOU HAVEN'T followed yet!
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 ?
Cryptorphic
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@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.
Ihave2tickets
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That's scary 😬 thanks for your response 👍
Cryptorphic
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@Ihave2tickets, IMHO That's unlikely at least for now, so chill :)
ThreeShs
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Thanks again for the update. The TLM trade is ongoing, but don't you think BTC's price movement downward will affect TLM uptrend?
Cryptorphic
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@ThreeShs, Of course BTC does affects altcoins but NFTs are more fundamentally driven. With their event I expect at least a 20% pump.
ThreeShs
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@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?
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 ?