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Bitcoin Bulls Holding By A Thread: What's Next
As expected, Bitcoin has reversed from the 48k area and is currently trading at 43k-ish. The bullish trend is still not broken, so there's some hope left for the bulls.
In order to fully confirm my bearish bias, I'm waiting for BTC to fall through the yellow area of support. This support has been holding since early December, so it would definitely be a long-term shift if it would break.
If we will close a weekly candle below 40k, there's a decent probability that we will move towards the bottom support of the diagonal channel (see first analysis), potentially even lower.
As mentioned before, this bearish move is likely the last one before the "real" bull trend starts. BTC has historically always dumped in the first months before/after the halving, so this potential dump is nothing out of the ordinary and will likely function as a spring towards new all-time highs.
As expected, Bitcoin has reversed from the 48k area and is currently trading at 43k-ish. The bullish trend is still not broken, so there's some hope left for the bulls.
In order to fully confirm my bearish bias, I'm waiting for BTC to fall through the yellow area of support. This support has been holding since early December, so it would definitely be a long-term shift if it would break.
If we will close a weekly candle below 40k, there's a decent probability that we will move towards the bottom support of the diagonal channel (see first analysis), potentially even lower.
As mentioned before, this bearish move is likely the last one before the "real" bull trend starts. BTC has historically always dumped in the first months before/after the halving, so this potential dump is nothing out of the ordinary and will likely function as a spring towards new all-time highs.
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Bitcoin: Maybe 50 K Soon?
itcoin attempted to break out coming into the New Year holiday establishing a higher high at 45922 followed by a SWIFT rejection back into the range. While a new high was technically made, the failure to follow through means Bitcoin is still arguably consolidating between 40K support and 45K resistance (Wave 4 extension?). In this brief article I am going to outline how I will use this information to prepare for the coming week.
First, the trend structure must still be acknowledged. The higher low at 40K is STILL intact (Wave 4 has NOT overlapped Wave 1). AS LONG AS THIS criteria exists, I will continue to expect a greater chance of follow through for LONG signals and setups. This means shorts are counter trend, HIGHER RISK and lower probability and should be assigned LOWER EXPECTATIONS.
Second, Wave 4's can extend (compound corrective structures), perhaps that is the best way to articulate what is going on here. This means a bullish Wave 5 into the high 46 to 50K area is still within reason. A surprise catalyst can spark such a move.
Third, I am going to assign probability expectations to zones within the 40 to 46K range. The zone between 40 to 42K is the HIGH probability BULLISH reversal zone. This is where I am MOST interested in new long setups. 42 to 44K is the RANDOM zone which means ANYTHING can happen here. 44 to 46K is the HIGH probability BEARISH reversal zone. Which makes it attractive for exiting long or taking VERY aggressive shorts (which I don't participate in).
Keep in mind, the bullish scenario can completely change upon unexpected news etc. The fact that price failed to break out signifies that there are many MORE longs stuck in this market hoping for a continuation. These longs can greatly add to the selling pressure upon any bearish surprise. Just something to think about.
The key skill in this game (if there is one) is the ability to extract actionable value from what appears to be common information WHILE simultaneously using it to ADJUST expectations. That is the passive mindset required to anticipate markets. The opposite side (logic
First, the trend structure must still be acknowledged. The higher low at 40K is STILL intact (Wave 4 has NOT overlapped Wave 1). AS LONG AS THIS criteria exists, I will continue to expect a greater chance of follow through for LONG signals and setups. This means shorts are counter trend, HIGHER RISK and lower probability and should be assigned LOWER EXPECTATIONS.
Second, Wave 4's can extend (compound corrective structures), perhaps that is the best way to articulate what is going on here. This means a bullish Wave 5 into the high 46 to 50K area is still within reason. A surprise catalyst can spark such a move.
Third, I am going to assign probability expectations to zones within the 40 to 46K range. The zone between 40 to 42K is the HIGH probability BULLISH reversal zone. This is where I am MOST interested in new long setups. 42 to 44K is the RANDOM zone which means ANYTHING can happen here. 44 to 46K is the HIGH probability BEARISH reversal zone. Which makes it attractive for exiting long or taking VERY aggressive shorts (which I don't participate in).
Keep in mind, the bullish scenario can completely change upon unexpected news etc. The fact that price failed to break out signifies that there are many MORE longs stuck in this market hoping for a continuation. These longs can greatly add to the selling pressure upon any bearish surprise. Just something to think about.
The key skill in this game (if there is one) is the ability to extract actionable value from what appears to be common information WHILE simultaneously using it to ADJUST expectations. That is the passive mindset required to anticipate markets. The opposite side (logic
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Litecoin Front Running Solana, SOL Is Going To Crash to $20
I noticed this same thing on Bitcoin and did a chart on it go check it out. Solana could be gearing up for a massive crash back down to $20. Litecoin has been front running Solana way ahead like weeks as you can see in the history of the charts. Litecoin could be a good indication of what is to come for Solana and probably any other ALT in this same situation. Just see the chart for yourself. Litecoin runs when Sol falls. Not financial advice. I called the last major SOL drop at the top and people called me crazy. I called the LUNA crash at the top and people called me insane. Good luck out there
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BITCOIN - After downward impulse, price can rise back to $45000
#MyFirstSquarePost Hello, Binance Square!#BTC
Hi guys, this is my overview for BTCUSDT, feel free to check it and write your feedback in comments👊
When price bounced from resistance level, which is located in resistance area, it started to trades in falling channel.
In channel, BTC declined to support level, which coincided with support area and even soon made fake breakout of this level.
After this, price made strong upward impulse from $42000 support level to $45900 points, breaking $44000 level and exiting of channel.
Later, BTC started to decline and fell to $41000 points quickly, breaking the $44000 level again.
Recently, price rose higher than support level and soon bounced from this level to resistance line, where it trades near now.
Possibly, Bitcoin can continue to move up to $45000, breaking resistance line and level.
If this post is useful to you, you can support me with like/boost and advice in comments
Hi guys, this is my overview for BTCUSDT, feel free to check it and write your feedback in comments👊
When price bounced from resistance level, which is located in resistance area, it started to trades in falling channel.
In channel, BTC declined to support level, which coincided with support area and even soon made fake breakout of this level.
After this, price made strong upward impulse from $42000 support level to $45900 points, breaking $44000 level and exiting of channel.
Later, BTC started to decline and fell to $41000 points quickly, breaking the $44000 level again.
Recently, price rose higher than support level and soon bounced from this level to resistance line, where it trades near now.
Possibly, Bitcoin can continue to move up to $45000, breaking resistance line and level.
If this post is useful to you, you can support me with like/boost and advice in comments
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