Hello traders,
In today’s idea I will review a few ways, in which I think Bitcoin could go in the next few months.
1. Bullish scenario (in green) – for this to play out, we should go a bit more to the downside. I think there is a possibility for that, because we still have not seen enough buy volume, which means the real bottom is not in. So, we can see the last real capitulation wick to 12000$ zone (all-in buy zone in my opinion), before starting the next bull cycle. Against this wick to the downside are a few important things:
- we are extremely oversold on all big timeframes (daily, weekly, monthly) – record low RSI levels
- everyone expecting low levels – you know that the market usually makes NOT what everyone wants. Bearish euphoria is the same like bullish euphoria and they both end with a disaster for the euhporic traders.
2. Bearish scenario (in red) – the most likely scenario in my opinion. A bounce from the current levels to around 40000$ at the end of this year and a real red 2023. I expect the max pain for the world economy to come next year. Don’t forget that we have mid elections in the USA this November. DXY is also forming a possible double top pattern now, which could play out well for Bitcoin (DXY down, BTC up and the opposite).
I have marked some zones on the ways up and down for BUY and SELL.
In today’s idea I will review a few ways, in which I think Bitcoin could go in the next few months.
1. Bullish scenario (in green) – for this to play out, we should go a bit more to the downside. I think there is a possibility for that, because we still have not seen enough buy volume, which means the real bottom is not in. So, we can see the last real capitulation wick to 12000$ zone (all-in buy zone in my opinion), before starting the next bull cycle. Against this wick to the downside are a few important things:
- we are extremely oversold on all big timeframes (daily, weekly, monthly) – record low RSI levels
- everyone expecting low levels – you know that the market usually makes NOT what everyone wants. Bearish euphoria is the same like bullish euphoria and they both end with a disaster for the euhporic traders.
2. Bearish scenario (in red) – the most likely scenario in my opinion. A bounce from the current levels to around 40000$ at the end of this year and a real red 2023. I expect the max pain for the world economy to come next year. Don’t forget that we have mid elections in the USA this November. DXY is also forming a possible double top pattern now, which could play out well for Bitcoin (DXY down, BTC up and the opposite).
I have marked some zones on the ways up and down for BUY and SELL.
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