BTC/USDT POSSIBLE SCENARIOHello Tradingview community and members. I Am sharing my idea/opinion if you enjoy the analysis make sure to give a like and let me know your thoughts.
BTC has been consolidating for the last 10 weeks, bearish trends start to show up more and more. We could not hold the 41k-38k price range, we broke down and are now heading
towards 32k, close to last resort. A fake out is an optimistic take but could potentially play out. After breaking 32k we have our crucial support at 29.7k this is our last chance at heading in an optimistic direction. If we would manage to hold 29.7k and return going to the
upside, we still have a long way to become bullish again. In my opinion we have to cross the 3 blue lines you see in the chart above (40.5k) to truly become bullish again. It's not looking great but in these condition we find the best
opportunities. I think institutional investors have been waiting for a buying opportunity like we are seeing right now. We have already seen huge buying volumes in the last couple of days, only time will tell.
my prediction: In the short term I think the price will go sideways for a while between 38k-32k, we will eventually retest 29.7k for the third time. After retesting we will see a price surge towards the 40k zone, retest 35k and go up from there. Keep in mind this is just one of the scenarios that could play out.
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Disclaimer: This is not financial advice, we are sharing our vision and thoughts.
