Bitcoin (BTC) currently presents two possible scenarios, each with unique potential outcomes. Here, we'll explore both without assigning specific probabilities to avoid bias.
Scenario A: The Bearish Outlook 📉
In this scenario, Bitcoin is forming lower highs and lows within a small cycle. A descending channel could also be drawn if desired. For this scenario to activate, the price needs to consolidate below the $60,000 mark. Should this occur, a downward movement towards the $48,000 area may begin.
Key points to consider:
A knot at the $55,000 level on the 4-hour timeframe could potentially reduce downward momentum.
The next critical support lies between $50,000 and $48,000. This range has acted as both a past resistance and monthly support, supported by Fibonacci retracement levels of 61.8% and 70.7% PRZ.
I am not placing a buy order yet, as I need to be sure that this zone can indeed support the price and provide upward momentum. If this area holds and the market momentum reverses, I might adjust my analysis or wait for $65,000 before taking further action.
Scenario B: The Bullish Outlook 📈
Following a break above $65,000, Bitcoin has formed its first higher high on the daily timeframe after three months. This is an early sign of returning bullish momentum. Risk-takers, particularly if Bitcoin's dominance is also rising, might consider entering at this point with a stop loss at $55,000.
For a safer entry:
Wait for a break above $72,000. The expected range upon breaking this level could be between $85,000 and $90,000. However, discussing these levels might be premature now.
Important Consideration 🚨
Remember, no one can predict financial markets with certainty; these are merely scenarios. As traders, we must learn to live in the moment and react optimally to unfolding events.
👍 If you found this analysis helpful, feel free to like, comment, or share! For more insights, follow #Tradecitypro and #TCP. 🚀
🔖 Categories: Trend Analysis, Support and Resistance, Supply and Demand
📌 Stay tuned for updates, and happy trading!
Scenario A: The Bearish Outlook 📉
In this scenario, Bitcoin is forming lower highs and lows within a small cycle. A descending channel could also be drawn if desired. For this scenario to activate, the price needs to consolidate below the $60,000 mark. Should this occur, a downward movement towards the $48,000 area may begin.
Key points to consider:
A knot at the $55,000 level on the 4-hour timeframe could potentially reduce downward momentum.
The next critical support lies between $50,000 and $48,000. This range has acted as both a past resistance and monthly support, supported by Fibonacci retracement levels of 61.8% and 70.7% PRZ.
I am not placing a buy order yet, as I need to be sure that this zone can indeed support the price and provide upward momentum. If this area holds and the market momentum reverses, I might adjust my analysis or wait for $65,000 before taking further action.
Scenario B: The Bullish Outlook 📈
Following a break above $65,000, Bitcoin has formed its first higher high on the daily timeframe after three months. This is an early sign of returning bullish momentum. Risk-takers, particularly if Bitcoin's dominance is also rising, might consider entering at this point with a stop loss at $55,000.
For a safer entry:
Wait for a break above $72,000. The expected range upon breaking this level could be between $85,000 and $90,000. However, discussing these levels might be premature now.
Important Consideration 🚨
Remember, no one can predict financial markets with certainty; these are merely scenarios. As traders, we must learn to live in the moment and react optimally to unfolding events.
👍 If you found this analysis helpful, feel free to like, comment, or share! For more insights, follow #Tradecitypro and #TCP. 🚀
🔖 Categories: Trend Analysis, Support and Resistance, Supply and Demand
📌 Stay tuned for updates, and happy trading!