📈 Bitcoin's Parabolic Move: After the previous analysis, Bitcoin entered a liquidity zone, starting a parabolic movement from $36,647 in the 4-hour timeframe. Breaking through the $38,305 resistance triggered a chain reaction of short position liquidations, accelerating past $40,000 and peaking around $42,000.
🔥 Volume and Candle Confirmation: The 4-hour trend is confirmed by both volume and candle size, but it's important to note the psychological resistance at $42,000. This area may initiate a corrective phase in the current uptrend.
🤔 Interesting Observation: A 39% distance exists from the $69,000 peak to the current level, similar to the 39% pullback from $20,000 to $14,000 in 2018. This pattern may suggest a potential correction, similar to the past.
👀 For Bitcoin Holders: If you're holding Bitcoin for 1 or 2 years, the best strategy right now is to hold. For traders who caught the recent bullish wave, consider exiting if the curved line support is lost.
🔮 Potential Market Returns: Even if Bitcoin reaches $300,000, that's about a 900% profit. The crypto market is expected to offer greater returns, so don't limit your perspective.
📈 Maximum Wave Potential: The current wave's maximum potential is seen up to $45,000, but nothing is certain in the crypto market. It's all about reacting best to market conditions.
🚨 Caution: Despite the potential for a downturn, a trend reversal hasn't been confirmed yet. My strategy primarily involves opening positions in line with the trend.
🔍 Bitcoin Dominance and Altcoins: Pay attention to Bitcoin dominance. If it drops and Total 2 (the altcoin market excluding Bitcoin) is bullish, it may be a good time to look for opportunities in altcoins.
🔑 Related Categories:
Market Trend Analysis
Bitcoin Dominance
Altcoin Opportunities
📣 How are you navigating Bitcoin's current market phase? Share your plans and thoughts! 💬🌐 #BitcoinMovement #CryptoStrategies #TradeCityPro
📚 Remember: The cryptocurrency market is highly volatile and unpredictable. Always conduct your own research and stay updated with market trends! 🧠💻