Bitcoin Next TA: $26k buyers next plan is like Reading Tea Leave
The Bitcoin price today landed on an important decision zone indicated on the chart above by the yellow horizontal zone at the 19500 range. The support between 19400 to 19600 presents a buying opportunity, with a potential mini bounce back up to the 22k resistance range, possibly reaching 24k. If there is a return back to the 22k-24k resistance range, it is a clear sign to avoid shorting Bitcoin. short term 1hr chart
While the current primary trend is a bear trend, buyers are expected to attack 26k to 28k soon. Time is fluid when the price is in a range, and the entire 15200 to 25300 is a range on a higher timeframe, which requires patience as the buyer's pull-up is not over.
For the primary trend to resume, buyers need a stronger rejection, and the current resistance level is unlikely to hold the buyers if hit repeatedly. The 19400 support is the control line for both buyers and sellers, meaning a deception game is likely to be played by a break to touch the lower blue line at the price range support of 17600 to 16k range, but this is likely a market maker's trick, and a quick reverse up will hit here.
More dump is expected to come to Bitcoin in 2023, but BTC buyers are not done with the pullup. If bears break below 16k, expect a catastrophic dump to hit the 12k range, but this possibility will likely happen by late mid-2023. It is best to buy in percentages if you intend to buy the control line at the current price of the 19500 range. However, it is essential to note that a much stronger support range is the 17600 down to 16k, so be aware that the control line bounce might be short-lived.
For the primary trend to resume, buyers need a stronger rejection, and the current resistance level is unlikely to hold the buyers if hit repeatedly. The 19400 support is the control line for both buyers and sellers, meaning a deception game is likely to be played by a break to touch the lower blue line at the price range support of 17600 to 16k range, but this is likely a market maker's trick, and a quick reverse up will hit here.
More dump is expected to come to Bitcoin in 2023, but BTC buyers are not done with the pullup. If bears break below 16k, expect a catastrophic dump to hit the 12k range, but this possibility will likely happen by late mid-2023. It is best to buy in percentages if you intend to buy the control line at the current price of the 19500 range. However, it is essential to note that a much stronger support range is the 17600 down to 16k, so be aware that the control line bounce might be short-lived.
Trade closed: target reached:
BTC surged to 26k faster than expected in one swing, but it encountered resistance at 26400, indicating a potential period of sideways movement. I anticipate that BTC may hit 26800 before experiencing a decline and pulling back to the 22600 support level. If the bullish trend continues, BTC may reach 20800, acquiring the necessary support and capital to target 28k. Afterward, it's possible for BTC to reach a target of 30k to 32k. full analysis update on how the current range will react.
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