Possible BTC playout...

FoxyK_ Updated   
BINANCE:BTCUSDT   Bitcoin / TetherUS
Hello fellow traders, today i would like to share my idea on the next possible move of BTCUSDT . Since I'm new to trading and not qualified to give any sort of financial advice take this as a general outlook of the current situation and my personal thought. I'm not a native english speaker so excuse me if i make any sort of grammatical errors.

For starters i would say that on 21st of November 2022 we successfully completed wave 5 of the BTC's downtrend and now should follow an ABC corrective move.
As you can see from the chart above wave A (yellow line path) should be already in place. This idea should be confirmed and backed up by the fact that wave A is composed of 5 other minor waves count which in my opinion wave 5 ended on 21st of Feb 2023 when we touched the 25k level resistance. Now we should see a minor ABC correction that could bring us to the lower levels such as the Fib 0.618 that sits around 20.5k and this should be the wave B (yellow line path) of the major correction. If this level doesn't hold we most likely end up testing the 19k level where for sure will trigger some reaction from the bulls. Once the minor ABC correction is done we should see the last major wave C (yellow line) which could take us around the 30k level.

Generally speaking i'm quite bullish on mid/long term, but for the moment being i'm more bearish on short term mainly because of the traditional markets and inflation, i think we should wait for more positive data about the macroeconomics aspects to really change our insight.

Thank you for reading and please leave a comment if you have some suggestions or ideas. Have a good day!
If BTC manages to surpass the 25k level resistance it means that wave 5 wasn't completed and we should the price ranging around 28k - 32k. After that we will see a big correction that will took us down to 21k/20k levels.
If the weekly closes between 20.8k or 21k i would say that minor ABC correction is completed and major wave B is ended as well. Before going up we will obviously have a retest at the 20.5k level, if it holds the retest next target is 28k.
BTC closed the weekly above 21k with an engulfing candle, very bullish sign. We should probably retest the 21.3k which is the previous high and if it holds we would have a continuation towards the 28k - 30k range.
Trade closed: target reached:
Our target has been reached. I think BTC will range here for a while in order for the alts to recover a little. It looks like the major C wave might be near an ending or even completed, keep an eye on the short squeezes (32.5k at max) , so before entering a trade wait for further confirmation. We expect a correction towards the 25k level or even lower.

Related Ideas


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.