Hello dear friends, I hope you're doing well. Currently, Bitcoin is in a ascending channel. Given the ongoing conflicts like Russia-Ukraine, Israel-Hamas, and Lebanon, people's excitement for buying is natural. In my opinion, two scenarios could unfold:
1: Due to people's emotional behavior and speculative pricing, after reaching the FVG range around $73,000, Bitcoin could return to the channel's floor.
2: After a bullish move to the middle of the channel, we might head towards the historical ceiling at $74,000 and then return to the channel's floor.
---------- Please note, this market is full of smart and psychological traps. For example :
Pay attention to the yellow triangles. They often represent strong support after multiple touches, allowing for comfortable long positions upon subsequent encounters. Also, the possibility of fake breakouts at the channel's ceiling is high.
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Regarding important news about USDC stablecoin:
Binance has halted support for USDC stablecoin on the Tron network.
What might be the reasons behind Circle (the issuer of USDC) removing support for the Tron network?
Most likely, USDC has been forced to take this step to appease US regulators.
There's a high likelihood that Justin Sun, a major figure in the market, might face a fate similar to CZ. He manages TRX, BTT currencies, and the Poloniex exchange. ----------
Regarding Tether dominance, the $3.80 support range is the biggest barrier to Bitcoin's upward movement. ---------- Timeline analysis:
Friday, March 28, and Tuesday, April 8, are crucial days ahead, preceding the halving event.
I'd be happy to share your opinion with me. Your likes, follows, and comments give me energy.
Trade active
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Hello dear friends, I hope you're all well. I've prepared two scenarios for the Bitcoin trend that I'd like to share with you.
Scenario 1:
Breaking the triangle bottom and completing the bullish harmonic pattern. Note that in this scenario, the price of Bitcoin reaches around $53,000 before the halving. Formation of a strong wave from April 16th to April 24th and retesting the triangle bottom. Then, a volatile decline around April 30th (CZ's criminal sentencing). ------------
Scenario 2:
Trading within a descending channel. In this scenario, before the halving, the price hits the channel bottom and by late April (CZ's criminal sentencing), the price will be at the channel's ceiling. Then, we have a breakdown of the channel bottom. ------------
To clarify this idea further, let's turn to Tether dominance (USDT.D)
Timing-wise, the next two days are crucial. The next significant timeline is April 16th when Bitcoin is around $53,000 and Tether dominance is at 5%.
Structurally, scenario one has a better and more acceptable . In case of any structural changes, the analysis will be updated.
All of these scenarios are possible provided that the conflict between Israel and Iran does not escalate further.
Trade active
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Hello dear friends, I hope you're doing well. In my opinion, Bitcoin is currently within wave B and forming a Rising Wedge Bearish pattern. The fate of the current decline could be determined by 11:30 PM on Monday +3:30 UTC. If it moves towards the resistance, Saturday, April 18th will be a decisive day, particularly at 3:30 AM (+3:30 UTC). Of course, this is just my personal opinion. Stay cautious.
may i clarify something that you are expecting a large down movement for cz's sentencing, but not for during ftx? how different and why do you think it is significant enough?
surfs
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by the way, if decline end apr, it may be attributed to liquidity perhaps, post halving? how much weight to hold for cz? dependent?
Sadegh_Sh
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@surfs It seems that news regarding the FTX exchange has had an impact. Let me check the current status of Solana for an analysis consistent with your previous query.