BTC Is finally getting some strength and pushing past $31k.
Although I am not quite sold on the idea that new all time highs are near, I do believe we may be seeing the result of months long accumulation as we move closer to the BTC halving.
If we take a look at our fib levels from top to bottom, we can see some confluence towards the CC Golden Pocket at $50k.
If we take a look at the previous cycle from top to bottom, Bitcoin had actually made this similar move into the halving before the second scare which ultimately marked the end of the bear market.
Im looking at this move similarly, higher into the CC before moving down 50% to mark the bottom of the market and the beginning of the next bull cycle.
Although I am not quite sold on the idea that new all time highs are near, I do believe we may be seeing the result of months long accumulation as we move closer to the BTC halving.
If we take a look at our fib levels from top to bottom, we can see some confluence towards the CC Golden Pocket at $50k.
If we take a look at the previous cycle from top to bottom, Bitcoin had actually made this similar move into the halving before the second scare which ultimately marked the end of the bear market.
Im looking at this move similarly, higher into the CC before moving down 50% to mark the bottom of the market and the beginning of the next bull cycle.
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Currently range bound consolidation. Careful for a breakdown which could result in a sharp move down.
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Looking for a break above $35,200 - $35,300 which will likely push us up into the next resistance approx $37,300 weekly level.
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Weekly level reached $37,300 and getting some rejection
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Now that I see the large bounce at $34,500, I dont think the market will go as low at 31k, but instead perhaps $33,000 - $34,000 is a good place to start entering long trades.
Based on my previous idea regarding the downward trendline:
Based on my previous idea regarding the downward trendline:
Trade active:
This may just be the move that brings us to the CC. BTC ETF on friday. It will be a volatile week.
Levels above us:
Levels above us:
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I am bullish expecting this trade to play out. I will be buying any dips along the way.
First Major resistance approx $43,500 - $44k .
Major Support zones between $37,200 - $37,600.
I am NOT in any short trades and believe we will squeeze up to at least $47,000 and potentially upwards to $50k.
Good luck!
First Major resistance approx $43,500 - $44k .
Major Support zones between $37,200 - $37,600.
I am NOT in any short trades and believe we will squeeze up to at least $47,000 and potentially upwards to $50k.
Good luck!
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Looking for a healthy pullback into the zones mentioned above. I will be looking at these as a buy the dip opportunity. Lowest level to watch will be $36,900 which will be a zone.
I have set buy orders from $37,300 and then another order at $36,900.
Good luck
I have set buy orders from $37,300 and then another order at $36,900.
Good luck
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Here could be a nice short off the CC .618 retracement on the last move.
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Bitcoin coming back into the CC stop triggered, we also have bullish divergences playing out. Was thinking of a potential short but there is too much squeeze juice in the markets.
Will stick to my original plan, looking for higher $47k - $50k.
Will stick to my original plan, looking for higher $47k - $50k.
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Breaking out of the traingle. Perfect re-test and launch. Looking at the higher level 44,600
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If we lose this level and drop below $40k, then there may be a chance we see a drop. I am still very much aware of the large liquidity sitting at $37k-$38k
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CC .618 providing support for now, RSI reloading.
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CC providing support
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Weve been holding this channel for a few days now, notice the resistance at $42,200 and the support at $43,400 giving us a nice trading range. Because we are unable to break the CC fib .618 after repeatedly trying to break below, it provides me my bias that we will likely keep moving higher. We had a swing failure pattern at $44,400 which I assumed would be a possible breakdown on the 22nd of Dec, but we once again found support at the CC and are moving up again.
I will be looking at higher target ranges if we can break and hold above $45k.
I will be looking at higher target ranges if we can break and hold above $45k.
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You are also seeing the RSI reload. More sell pressure while the price remains flat...
Trade active:
Fake out below the CC right into our support zone of $42,688, and reclaim of the CC. To me this was my long trade signal and I entered at $43,100. Stop loss below the CC breakdown under $43k.
Trade closed: stop reached:
Just another part of the game :) Waiting for this drop now as we have been planning for a new long
between 38k - 40k
between 38k - 40k
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Levels so far being respected.
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Approaching trendline
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Nice push past the trendline
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What will be absolutely critical on this move is to look for support to bounce higher. If we pull back into the triangle, this triggers a potentially bearish move to occur, and my bias may switch if we see that price action.
At the moment, I still remain bullish looking for the target breakout approx. $48-$49k.
At the moment, I still remain bullish looking for the target breakout approx. $48-$49k.
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I will admit, I was not expecting such a sharp move to the downside, but overnight we did lose previous high support at $44,716, as soon as that level was lost you can see how critical it was to future price action.
At this moment I will be waiting for more data, I would still love to see higher prices as there is huge liquidity above which I still believe makes sense to test. However, we will need to see strength return to the market or else we will likely see further down side. Lower targets still remain the same approx 37-38k.
At this moment I will be waiting for more data, I would still love to see higher prices as there is huge liquidity above which I still believe makes sense to test. However, we will need to see strength return to the market or else we will likely see further down side. Lower targets still remain the same approx 37-38k.
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Seeing more data from the market. Current range POC sits at 43,700. Value area high just above there.
Its critical if we break above we must hold these values in order to push higher. We keep getting rejection back into our zone.
Its critical if we break above we must hold these values in order to push higher. We keep getting rejection back into our zone.
Trade active:
Long at the retest of triangle $43, 680
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Comparing the ETH/BTC chart, we have just broken a low weekly level. There is no real support below this break, it could be a swift move down then back up. This chart compares the strength of ETH compared to BTC. Meaning if BTC rallies, this ETH chart will show weakness.
This gives me some confluence with other charts that BTC may have one last pop before the ultimate reversal back down.
This gives me some confluence with other charts that BTC may have one last pop before the ultimate reversal back down.
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We do have several confluence here. Weekly level, as well as the range point of control from the previous accumulation period.
Trade closed: target reached:
Just like that, 49k. Good enough for me
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Next long opportunity will be at $32k