Bitcoin Buyers initiating Bull battalions to Hold $26k to $30k?
The Bitcoin Price dump was a shock to some, the experience foretells a nightmare many are still trying to wake up from.
We did warn of this dump as anticipated in this post here
I do see this BTC price fall as an opportunity to invest in BTC at a cheaper price if you missed buying below $20k.
The big question now is,
Is the Big Dump over?
Answer: NO!
Is the current price range $26500 to $30k bitcoin trading at a good price to buy some BTC?
OR are there high chances there could be more threat from the bear's battalion army to still push to the 20k range?
Answer:
The chances of the weekly and monthly sellers reacting to the 28k broken support are high as they did hold it twice in the past but
broken support also tells a story of weakness from the bulls which only means that even if they manage to survive it and bounce
above 40k we will face a bigger rejection before somewhere from around 50k to 64k range(too much resistance around lays within the price range)
but before we start judging a book by its coverlets look deeper into the charts and FIND OUT TOGETHER!
Short Term Look at BTC BULL/BEAR Battleground.
From the 4hrs chart Bitcoin Chart, We see a mini short term Head and Shoulders Forming that could force a push back to
target the head height of the H & S in the image below
The Image shows quick possible sellers shorting BTC back to 26800 one more time. The sell-off could stop at that 26800 or 26200 but if it proceeds to go
further below it can only mean that bears the force of the weekly and monthly chart are still in action and they seek blooooooooood so they wannnnnt 20k to 18k( but wait, Whaatt? don't worry we will talk more about this)
I see this mini bearish pattern forming on 4hrs could be a threat to rush hour buyers who were impatient and already jumped in buying the dip?
Well, By BTC Breaking the neckline currently forming at 28600 only assures sellers of the H & S playing out.
NOTE that H & S succeed 75% of the time meaning failure of this pattern is possible by 25% so what could the failure look like?
so if the sellers fail to break the H & S neckline then this will only force buyers to retaliate a sharp shoot to $34k But could that be a bigger rejection or the beginning of a recovery phase?
Why the bulls will retaliate?
if the 28600 to 26800 fails to break( strong support twice saving the buyers to recover from the dump in the past from the image below)
This failure will cause a forceful change of direction and the bulls could continue the move to head to 34k
The above chart (1Daily BTC Chart), shows a total possible outcome.
Looking into the battlefield on BTC daily chart, it shows the bulls could be hiding at the current support.
I say this because there is a big consolidation ongoing on the daily chart and from my experience,
consolidations don't break easily meaning that invisible forces always pull price back into the consolidation and consolidations also refer to equilibrium between sellers and buyers on the daily chart.
Because of this force, I do see Bitcoin Buyers initiating battalions of the bull army to hold down the current support,
they will create a mini sideways on a lower timeframe by allowing the sellers to force a retest of the current support(expect more leg down to form
a higher low on the 4hrs chart around 26800 range. This will Begin the bulls journey to $52k
These are the important prices that will determine BTC price next direction after this current mini price pause
For more selloff to continue price needs to go below 26k
FOr more Buy power recovery to begin price must hold above 26600
Buyers Targets:
Entry FOr Possible long 28200 and 26800
Stoploss at 26120
Think about the image below, This is Bitcoin Gorilla BTC Prediction overview till 2025 after BTC halving
We did warn of this dump as anticipated in this post here
The big question now is,
Is the Big Dump over?
Answer: NO!
Is the current price range $26500 to $30k bitcoin trading at a good price to buy some BTC?
OR are there high chances there could be more threat from the bear's battalion army to still push to the 20k range?
Answer:
The chances of the weekly and monthly sellers reacting to the 28k broken support are high as they did hold it twice in the past but
broken support also tells a story of weakness from the bulls which only means that even if they manage to survive it and bounce
above 40k we will face a bigger rejection before somewhere from around 50k to 64k range(too much resistance around lays within the price range)
but before we start judging a book by its coverlets look deeper into the charts and FIND OUT TOGETHER!
Short Term Look at BTC BULL/BEAR Battleground.
From the 4hrs chart Bitcoin Chart, We see a mini short term Head and Shoulders Forming that could force a push back to
target the head height of the H & S in the image below
further below it can only mean that bears the force of the weekly and monthly chart are still in action and they seek blooooooooood so they wannnnnt 20k to 18k( but wait, Whaatt? don't worry we will talk more about this)
I see this mini bearish pattern forming on 4hrs could be a threat to rush hour buyers who were impatient and already jumped in buying the dip?
Well, By BTC Breaking the neckline currently forming at 28600 only assures sellers of the H & S playing out.
NOTE that H & S succeed 75% of the time meaning failure of this pattern is possible by 25% so what could the failure look like?
so if the sellers fail to break the H & S neckline then this will only force buyers to retaliate a sharp shoot to $34k But could that be a bigger rejection or the beginning of a recovery phase?
Why the bulls will retaliate?
if the 28600 to 26800 fails to break( strong support twice saving the buyers to recover from the dump in the past from the image below)
The above chart (1Daily BTC Chart), shows a total possible outcome.
Looking into the battlefield on BTC daily chart, it shows the bulls could be hiding at the current support.
I say this because there is a big consolidation ongoing on the daily chart and from my experience,
consolidations don't break easily meaning that invisible forces always pull price back into the consolidation and consolidations also refer to equilibrium between sellers and buyers on the daily chart.
Because of this force, I do see Bitcoin Buyers initiating battalions of the bull army to hold down the current support,
they will create a mini sideways on a lower timeframe by allowing the sellers to force a retest of the current support(expect more leg down to form
a higher low on the 4hrs chart around 26800 range. This will Begin the bulls journey to $52k
These are the important prices that will determine BTC price next direction after this current mini price pause
For more selloff to continue price needs to go below 26k
FOr more Buy power recovery to begin price must hold above 26600
Buyers Targets:
Entry FOr Possible long 28200 and 26800
Stoploss at 26120
Think about the image below, This is Bitcoin Gorilla BTC Prediction overview till 2025 after BTC halving
