BTC: crucial developments for the whole crypto market
BTC is fighting resistance at this very moment to breakout to the upside and set a new ATH.
We are almost crossing the MACD and almost above the 4HR EMA ribbon, however this was the same yesterday night and we got rejected.
Therefore I decribe the following scenarios:
SCENARIO 1: BLAST OFF TO A NEW ATH STARTING TODAY
Bitcoin breaks out of the triangle and trades above 58500 with good volume and retests that level as support; then we will see a new ATH this week.
SCENARIO 2: FILL THE GAP AND BLAST OFF TO A NEW ATH (most likely scenario imo)
Bitcoin does not break resistance and falls towards 54K support area and gets a bounce there; then we will see a new ATH this week.
SCENARIO 3: BEARS WILL DANCE BUT BULLS WILL TAKE OVER
Bitcoin does not get decent support at 54K level and breaks below towards 50K demand zone and gets a bounce there; we will see a new ATH next week.
SCENARIO 4: END OF CURRENT BULL MARKET & LOCAL TOP, ACCUMULATION & POSSIBLE NEW BULL MARKET
Bitcoin does not find enough support at 50K demand area and drops below this crucial support level; we will go towards the bull market support band around 41-46K.
From here we should definitely expect a bounce to the upside, no matter what. However if we do not hold this level after the bounce and we see panic selling; the bull market is over. (for now) Then we would rapidly drop towards the 30K demand area; from which we could resume a new bull run if the market conditions are in favor for that; if not; we could drop towards 20K area.
IMPORTANT: this is not financial advice, trade or invest at your own risk and research.
We are almost crossing the MACD and almost above the 4HR EMA ribbon, however this was the same yesterday night and we got rejected.
Therefore I decribe the following scenarios:
SCENARIO 1: BLAST OFF TO A NEW ATH STARTING TODAY
Bitcoin breaks out of the triangle and trades above 58500 with good volume and retests that level as support; then we will see a new ATH this week.
SCENARIO 2: FILL THE GAP AND BLAST OFF TO A NEW ATH (most likely scenario imo)
Bitcoin does not break resistance and falls towards 54K support area and gets a bounce there; then we will see a new ATH this week.
SCENARIO 3: BEARS WILL DANCE BUT BULLS WILL TAKE OVER
Bitcoin does not get decent support at 54K level and breaks below towards 50K demand zone and gets a bounce there; we will see a new ATH next week.
SCENARIO 4: END OF CURRENT BULL MARKET & LOCAL TOP, ACCUMULATION & POSSIBLE NEW BULL MARKET
Bitcoin does not find enough support at 50K demand area and drops below this crucial support level; we will go towards the bull market support band around 41-46K.
From here we should definitely expect a bounce to the upside, no matter what. However if we do not hold this level after the bounce and we see panic selling; the bull market is over. (for now) Then we would rapidly drop towards the 30K demand area; from which we could resume a new bull run if the market conditions are in favor for that; if not; we could drop towards 20K area.
IMPORTANT: this is not financial advice, trade or invest at your own risk and research.
Comment:
DXY CRASH, EURO PUMP: BTC BREAKOUT! ALT WEEKEND IS OVER! FORGET MY LAST BNB UPDATE, I STICK TO MY ORIGINAL PLAN! 100% BTC NOW< LETS GO!
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