A new day and a new Bitcoin review from Pennygene. As you might have already read in our post two days ago, we don't think there is a trend reversal going on right now. We still think it's better to buy BTC than to get rid of it. We will increase our long BTC positions at any retest of the lower levels, if the price goes down to $41k-$42k that would be great for us.
In the short term, all that matters to us is how the price reacts to the $55.8k (4H) level. The maximum peak of the current drawdown is about 22%, and about 10% of them the price has already recovered. If the price breaks the $55.8k level in the coming days, we expect the price to keep going up above this level and test it as support ideally. In this case, there will be a very high probability of new all-time highs of the price and continuation of the uptrend in the nearest future.
If the price cannot break the level of $55.8k (4H), then there is a big probability that there is strong resistance at this level and we will not see a new ATH in the next few weeks or so In this case, we might see a consolidation, which can last for an indefinite time. In conclusion, you do not need to worry about a slight price decrease, the market just allows you to buy bitcoin at a reduced price.
In the short term, all that matters to us is how the price reacts to the $55.8k (4H) level. The maximum peak of the current drawdown is about 22%, and about 10% of them the price has already recovered. If the price breaks the $55.8k level in the coming days, we expect the price to keep going up above this level and test it as support ideally. In this case, there will be a very high probability of new all-time highs of the price and continuation of the uptrend in the nearest future.
If the price cannot break the level of $55.8k (4H), then there is a big probability that there is strong resistance at this level and we will not see a new ATH in the next few weeks or so In this case, we might see a consolidation, which can last for an indefinite time. In conclusion, you do not need to worry about a slight price decrease, the market just allows you to buy bitcoin at a reduced price.
Trade active:
our scenario turned out to be correct, namely, we are now talking about the price direction which is indicated by the blue arrow. Now it is important that the range of $51.5k - $52k turns out to be a good support. If so, our forecast remains valid and a new ATH is not far off.
Trust only those traders whose ideas have really been tested by time and markets.
Trust only those traders whose ideas have really been tested by time and markets.
Trade active:
the idea is still relevant.
Except for one thing, the price goes up to the new ATH without retesting the level as support.
Except for one thing, the price goes up to the new ATH without retesting the level as support.