BTC would be ranging for months - A distribution scenario
The recent moves of BTC are very remarkable: a big jump of 40% in just three weeks. But the next moves would be very tough and unpredictable.
In my opinion, in weekly TF, the current support is $36000 (Fib. 0.5) and the current resistance is $42000 (Fib. 0.618). It is possible that BTC will be trading in this new range (need the current weekly candle to close above $36000). If so, this range would last for months as what happened when BTC was in the previous range from $25000 (Fib 0.236) to $30000 (Fib 0.382) for 7 months!
So, here is my view for the next months:
- Distribution around $36000-$42000
- BTC would retest Fib 0.318 level ($31000) and even the long-term trendline (around $25000-$26000)
- At that area, a strong bounce expected to reach $42000 gain. The upside would resume then.
What are your thoughts and your mid-term/long-term plans?
Disclaimer:
This analysis is based on my personnal views and is not a financial advice. Risk is under your control.
Comment:
I'm still watching this mid-term scenario
Comment:
Althought current prices seem to be higher but the move of BTC in thi analysis is still my preference one
Comment:
A comparison with two previous cycles (with halving event) shows that at approximate 50% of the nearest ATH, BTC corrects deeply 40%-50%. In my opinion, we should not go all in right now event if Bitcoin ETF will be accepted the next days. Risk manament and be prepared for the corrections are vital and really help for long-term run.
Comment:
The sell off of today shows that any news linked to ETF can pump/dump market immediately. I'm still watching this scenario
Comment:
Will some thing big happen this month?
