$BTC Outlook for the Upcoming Months: Key Levels and Pot. Scena.
Description: BTC is attempting to breach the $32000 area on the weekly timeframe, with a bullish case forming based on an identical behavior from the 2018-2019 bear market. A re-test of the inclined orange trendline and possible wicking to the $25000 area could occur before a rally above HKEX:28800, with the next Fed meeting possibly serving as a catalyst.
Hello everyone,
Today, we're examining the weekly timeframe for Bitcoin (BTC) as it attempts to breach the $32000 area. Let's delve into the bullish case scenario, which is based on the 2018-2019 bear market behavior and volume analysis, as well as the potential influence of the upcoming Federal Reserve meeting.
Chart Analysis
2018-2019 Bear Market behavior: By analyzing the bear market behavior during 2018-2019, we can see a potential fractal pattern emerging. In this scenario, BTC will try to knock the $32000 area and then close a weekly candle above $28800.
Re-testing the Inclined Orange Trendline: After breaching (or attempting to breach) the $32000 area, BTC may re-test the inclined orange trendline and wick to the $25000.
Volume Analysis: As seen in the attached chart, trading volume is missing in the $25000 to $26400 range, which suggests that price action may occur in this area for a while (possibly a few days). Afterward, we can anticipate BTC pumping again above the HKEX:28800 level and aiming to break the $3200 resistance and heading to the
36K
-$38k level.
Federal Reserve Meeting: The next Fed meeting could serve as a catalyst for this scenario to unfold. It is highly expected that the Fed will continue to raise interest rates by 25 basis points or more during the meeting, which could influence the price action of BTC.
Stay tuned for updates and remember to practice proper risk management. Happy trading!
Hello everyone,
Today, we're examining the weekly timeframe for Bitcoin (BTC) as it attempts to breach the $32000 area. Let's delve into the bullish case scenario, which is based on the 2018-2019 bear market behavior and volume analysis, as well as the potential influence of the upcoming Federal Reserve meeting.
Chart Analysis
2018-2019 Bear Market behavior: By analyzing the bear market behavior during 2018-2019, we can see a potential fractal pattern emerging. In this scenario, BTC will try to knock the $32000 area and then close a weekly candle above $28800.
Re-testing the Inclined Orange Trendline: After breaching (or attempting to breach) the $32000 area, BTC may re-test the inclined orange trendline and wick to the $25000.
Volume Analysis: As seen in the attached chart, trading volume is missing in the $25000 to $26400 range, which suggests that price action may occur in this area for a while (possibly a few days). Afterward, we can anticipate BTC pumping again above the HKEX:28800 level and aiming to break the $3200 resistance and heading to the
36K
-$38k level. Federal Reserve Meeting: The next Fed meeting could serve as a catalyst for this scenario to unfold. It is highly expected that the Fed will continue to raise interest rates by 25 basis points or more during the meeting, which could influence the price action of BTC.
Stay tuned for updates and remember to practice proper risk management. Happy trading!
Comment:
On April 17th, BTC closed a weekly candle above $28800.
Comment:
BTC, now HKEX:28010, is on its way to retest the inclined orange trendline ($25800).
Comment:
It may stay in the 25,000 a while to construct a price action in this level.
Comment:
Exactly as expected. Since last update, BTC ranges between 26-27K. This morning, BTC revisits the 25K area and is testing the inclined trendline (25.8K). It is expected to stay awhile in the 25-27K level.
Comment:
BTC price action is just being established in the area of (25 K to 26.4 K). There is no history in this area. I expect BTC to stay in this range until late of July 2023. It may go up/down of this range, but the main price action stays in this level.
Comment:
check how precise this expectation was ...