Nothing much has changed since my previous update. We are still in the pullback/range phase of BTC the longer we are the higher it goes.
From the previous update, bitcoin did manage to bounce to 60k but fail to break the 38% Fibonacci level. Currently, 6H hour Shows us bitcoin forming a sort of double bottom scenario with RSI break+rest also TD9 on a daily. The key here is looking for 61 -63k to be tested.
Potential play #BULLISH Expanding Triangle is still valid.
The daily chart bitcoin It’s still showing some form of a sideways correction movement rather than an actual downtrend. The reason is that a downtrend is a sequence of lower highs and lower lows. We haven’t seen a lower high yet – instead, we’ve seen a higher high with ABC correction followed by 5 waves down, which makes it all some form of expanding consolidation. The price action is missing a lower high around 62318-63216 USD area and upside pullback into this area is the next logical move for the coming weeks
$62318 and $63218 are perfectly in line with 0.618 – 0.702 Fibonacci. this level is more often tested before further breaks down. Flipping this level as support then we can look for a higher target.
We should see at least some upside correction. Bitcoin rarely keeps collapsing after 20% correction without upside pullback. To those fib levels above mentioned.
Example below: rest of 0.702 – 0.618
daily/weekly close over 64400 or 66k USD brings 76k+ bitcoin in the card.
1W:
On the weekly chart BTC printed a swing failure with 65500 as the resistance. Normally I would say this is a bearish pattern, but in a bull trend it is mostly a temporary resistance. Also, we have seen similar patterns back in auguest 2020 when BTC tried to break out from the 12K Region.
Key on weekly 49.5K must hold for the scenario to stay valid. Also talked about this scenario a while back I’ve been monitoring this setup(chart below) since then so far similar move and similar market vibe. Neither bullish nor bearish - just typical to sideways movements. The late shorters got rekt and the late buyers got rekt. Hence why now is not the time to leverage APE!! BTD and relax until we finally break out again. Don’t forget how many u missed that 30k dip😊
#BTD & #CHILL
1Month:
Monthly hasn’t closed yet of course on monthly only 2 important things we need to watch
Monthly RSI we wanna hold 65% and close month 59.5k
Close above 71% expect fireworks.
All things combined, the market on micro timeframes (full of noise) is trending down locally while still awaiting the breakdown retest into 62-63k USD region where another attempt to break through will take place. So break above then correction is done. Rejection would give us dip to 50.s zone
it may be worth having some spare USDT on the side if BTCUSD sees ugly daily close beneath 55.6k
to load the dips in the occurrence of 50-53k liquidity hunting which could be triggered by FUD news.
Short-term looks a bit more bearish than bullish while remember it’s still a form of expanding Triangle consolidation than a proper downtrend gauging on price alone. We have seen this type of play before. A few examples are in the previous bitcoin update.
So HOLD daily base 55.6 and 61k - 63K in play
Ugly daily candle below 55.6 then 53k-50 in play.
Previous Update!
Also, make sure to read my DXY UPDATE and why dxy have a big role in bitcoin play:
AND ABOUT ALTS??? Press on the chart and you will be linked to TA for alts coins
Comparing past alt cycles with the previous bull market cycle
From the previous update, bitcoin did manage to bounce to 60k but fail to break the 38% Fibonacci level. Currently, 6H hour Shows us bitcoin forming a sort of double bottom scenario with RSI break+rest also TD9 on a daily. The key here is looking for 61 -63k to be tested.
Potential play #BULLISH Expanding Triangle is still valid.
$62318 and $63218 are perfectly in line with 0.618 – 0.702 Fibonacci. this level is more often tested before further breaks down. Flipping this level as support then we can look for a higher target.
We should see at least some upside correction. Bitcoin rarely keeps collapsing after 20% correction without upside pullback. To those fib levels above mentioned.
Example below: rest of 0.702 – 0.618
daily/weekly close over 64400 or 66k USD brings 76k+ bitcoin in the card.
1W:
On the weekly chart BTC printed a swing failure with 65500 as the resistance. Normally I would say this is a bearish pattern, but in a bull trend it is mostly a temporary resistance. Also, we have seen similar patterns back in auguest 2020 when BTC tried to break out from the 12K Region.
Key on weekly 49.5K must hold for the scenario to stay valid. Also talked about this scenario a while back I’ve been monitoring this setup(chart below) since then so far similar move and similar market vibe. Neither bullish nor bearish - just typical to sideways movements. The late shorters got rekt and the late buyers got rekt. Hence why now is not the time to leverage APE!! BTD and relax until we finally break out again. Don’t forget how many u missed that 30k dip😊
#BTD & #CHILL
1Month:
Monthly hasn’t closed yet of course on monthly only 2 important things we need to watch
Monthly RSI we wanna hold 65% and close month 59.5k
Close above 71% expect fireworks.
All things combined, the market on micro timeframes (full of noise) is trending down locally while still awaiting the breakdown retest into 62-63k USD region where another attempt to break through will take place. So break above then correction is done. Rejection would give us dip to 50.s zone
it may be worth having some spare USDT on the side if BTCUSD sees ugly daily close beneath 55.6k
to load the dips in the occurrence of 50-53k liquidity hunting which could be triggered by FUD news.
Short-term looks a bit more bearish than bullish while remember it’s still a form of expanding Triangle consolidation than a proper downtrend gauging on price alone. We have seen this type of play before. A few examples are in the previous bitcoin update.
So HOLD daily base 55.6 and 61k - 63K in play
Ugly daily candle below 55.6 then 53k-50 in play.
Previous Update!
Also, make sure to read my DXY UPDATE and why dxy have a big role in bitcoin play:
AND ABOUT ALTS??? Press on the chart and you will be linked to TA for alts coins
Comparing past alt cycles with the previous bull market cycle
