Welcome to this BTC Analysis Recap of our last BTC Idea :- 1. BTC needs to wick down from the 37.5k level to the 38.5k level. Reached ✅ 2. Avoid opening long around 42K, best long entry for Bulls in the above-given range:- ✅ 3. Late longs are liquidated and late shorts are trapped. ✅
To be honest, what I was looking for was a quick move to 37k followed by a strong response from the bull side. Didn't happen, we have witnessed a slow bleed in BTC but still managed to bounce from the given area.
Let's get to the chart now. BTC did manage to bounce around the $38,200 area right on the support trendline. The pattern is under 90+days old now. I am not just looking at the fractals, Though there is some selling pressure around the 39K range, There have been some high volume spot buying by the whales around this area. Gives us a hit for the upcoming move.
SO REASONS BTC COULD PUMP 17% TO 30% in the next few weeks:-
1. USDT Dominance is on resistance and while writing this update, it already got the rejection waiting for the daily close for the confirmation. 2. TOTAL MCAP has retested multiple times and giving us a bullish hint to the upcoming move for BTC. 3. BTC is bouncing right off the support trendline with strong buying by the whale addresses by onchain. 4. more details are given in the chart, please observe.
Best time to go spot long:- Reason the risk is very low here. While there's a possibility of a 17%+ gain (Decent) You have a risk of less than 6% which gives us a 1:3 RR
INVALIDATION:- Close below the 37k or simply the channel will invalidate the chart.
Disclaimer:- I don't have a magic ball, I just write what I see in the charts. So generally my charts go well but sometimes I am wrong too, I learn from my failures and keep trying to give out the best content on time for the community. Hope you appreciate it with just one like! DYOR before taking any trade decision. Do share your charts/ views in the comment section.
Thank you
#PEACE
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BTC 2 Hour. 40.8k is the short-term resistance here. I've already shown the speculated move in the chart. BTC is likely to retest the $39,350 to $39,800 area for a successful touch down to both blue and red MA and continue with the uptrend.
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This way the chart will print a new higher low indicating the reversal in trend.
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I AM BULLISH, Not yet Bearish short term. The market just needs a bit more fuel here.
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#BTC reaching the lower trendline support printing a new low below $38200. Losing this after daily close means 37k. The short-term bullishness has somehow faded due to this accelerated selling. The bulls need to show up here. Eyes on Daily close.
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#Bitcoin 12 Hours: We didn't break below 37.7k, Initial range was around 37.5k to 38.5k in case it breaks below 39.2k. All is good so far. Things only change if we go below this recent low. So far it looks bullish to me.
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