Hello traders 🐺 .
before I start to talk about the BTC current situations and patterns , I want to talk about a very important rule in the trading , no matters that you are short term trader or mid term & long run trader ; you must follow this important rule in a every single decisions that you make , but what rule ?
probable if you are one of my followers , found that when I publish an idea about the BTC , I post two different scenario about the BTC , one bullish and another one is a bearish ; the exact point is that you must have 2 different scenario about the market , who's know what exactly gonna happen for the market ? as a trader you must be prepare for the both scenario , when A happen do A and when the B happen do B ; this my dear followers is the very very important rule in the trading that you must know .
unfortunately my worst case scenario ( bearish scenario ) was played out in the market and brings BTC back all the way down to the current price level , ( check out my bearish scenario in the related link below this idea ) but is this a the end of the bearish trend or more downward momentum is coming ? stick with me until the very end , also don't forgot to follow me if you are interested in my ideas .
let's start with the daily chart :
in the chart above you can see that BTC currently is trading below the one of the most important level , which is the 40k level , and the next big level is around 30k level , which is also a previous low for the BTC and in my opinion if BTC break below the previous low with the high amount of the volume and close the weekly candle below it , that's could be very dangerous for the BTC .
but there is possibility for BTC to test 29k & 30k again , because the technical target of this bullish AB=CD is around 29.5k . but after testing the 30k level . in my opinion there is strong chance for the BTC to turn around and reverse this current bearish trend , but all of this is depends on the BTC reaction to the 30k level , I will update you about the BTC reaction to the 30k level , so make sure to follow me to find out what's the next BTC target .
before I start to talk about the BTC current situations and patterns , I want to talk about a very important rule in the trading , no matters that you are short term trader or mid term & long run trader ; you must follow this important rule in a every single decisions that you make , but what rule ?
probable if you are one of my followers , found that when I publish an idea about the BTC , I post two different scenario about the BTC , one bullish and another one is a bearish ; the exact point is that you must have 2 different scenario about the market , who's know what exactly gonna happen for the market ? as a trader you must be prepare for the both scenario , when A happen do A and when the B happen do B ; this my dear followers is the very very important rule in the trading that you must know .
unfortunately my worst case scenario ( bearish scenario ) was played out in the market and brings BTC back all the way down to the current price level , ( check out my bearish scenario in the related link below this idea ) but is this a the end of the bearish trend or more downward momentum is coming ? stick with me until the very end , also don't forgot to follow me if you are interested in my ideas .
let's start with the daily chart :
in the chart above you can see that BTC currently is trading below the one of the most important level , which is the 40k level , and the next big level is around 30k level , which is also a previous low for the BTC and in my opinion if BTC break below the previous low with the high amount of the volume and close the weekly candle below it , that's could be very dangerous for the BTC .
but there is possibility for BTC to test 29k & 30k again , because the technical target of this bullish AB=CD is around 29.5k . but after testing the 30k level . in my opinion there is strong chance for the BTC to turn around and reverse this current bearish trend , but all of this is depends on the BTC reaction to the 30k level , I will update you about the BTC reaction to the 30k level , so make sure to follow me to find out what's the next BTC target .
