BTC Potential Double Bottom at Strategic Neckline What's next

weslad Updated   
BINANCE:BTCUSDT   Bitcoin / TetherUS
If you recall from our last Bitcoin update, we discussed the potential for significant liquidity grabs. It seems that the market didn't disappoint. Bitcoin experienced a considerable drop, clearing all liquidity towards the $24k zone as shown on the chart.

This latest price movement showed a strong respect for the previously established Neckline where it formed a potential double bottom. This has now solidified its reputation as a significant support zone, a force to be reckoned with.

Looking ahead, I'm forecasting BTC to shape up into a bullish rectangle pattern. This would be in continuation of the earlier Inverse Head and Shoulders (ISHS) pattern. The target for this pattern is still hovering somewhere around the $41k mark. This would complete the corrective wave leg C of the move from its All-Time High (ATH).

For those looking for immediate action plans, the advice is simple: Patience. Let's closely monitor the current 3-day candle. If it closes within our expected zone, we can anticipate the bullish rectangle pattern to solidify, establishing a new trading range between $24.4k and $31k.

The immediate plan is to initiate long positions towards the bottom of this zone, holding out for a test at the top of the range.

Meanwhile the stop loss should be below 24k, any close of price below 24k will invalidate our plan and take price down towards SHOULDER ZONE which should act as very important support area.

Stay tuned for further updates as the market continues to develop.

Do make sure to appreciate our effort with your likes.
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We still believe in this setup.

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Break of 30800 will accelerate price movement towards our target

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Massive price break important POI of $30800

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Still in progress.

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If you recall, this bold analysis was crafted during a period when the consensus expectation was a $19k BTC.

However, the current scenario tells a different story. The price has delivered a commendable rally and is now nearing our final setup target.

Our immediate expectation follows the attainment of the Inverse Head and Shoulders (ISHS) target, aiming for the 41K -$43k range.

Subsequently, we anticipate a substantial retracement towards the significant Bitcoin Bridge at the 31K area.

Trade active:
Nice one BTC

Trade closed: target reached:
Nice Journey from August till December. Congratulation to those that follow this setup. Massive profit.


This Idea is now CLOSED.


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