BitcoinLong
We have a possible setup for reaching new ATH here
Updated
We will likely see new ATH in the next 20-40 days, why?
1_ BTC had a fakeout below range support at 56.5. When this happens, we usually see a sharp move toward the range resistance area (73k in this case). This always happens across all timeframes, but since we are in the 4-month daily range, it's even more significant.
2_ We have a big CME gap at 58-60k, and BTC usually doesn't make any significant move without filling it or at least filling some part of it.
3_ I explained a couple of days ago why we are in a new uptrend in this idea ( you can click on the chart to go inside it)
So in my opinion in the next 20-30 days, we may see BTC retrace from one of these fib levels back to fill that CME gap and then continue its move through some sort of daily uptrend channel toward 75k. However, I'm also very cautious because it might stop respecting the CME gap and keep shooting upward or it can gain a lot of downward momentum on the way back and pass through 56.5 and go back to 48k.
Also, you may ask why 20-30 days? Because BTC uptrends usually take this amount of time to finish ( sometimes they can take up to 60 days too )
1_ BTC had a fakeout below range support at 56.5. When this happens, we usually see a sharp move toward the range resistance area (73k in this case). This always happens across all timeframes, but since we are in the 4-month daily range, it's even more significant.
2_ We have a big CME gap at 58-60k, and BTC usually doesn't make any significant move without filling it or at least filling some part of it.
3_ I explained a couple of days ago why we are in a new uptrend in this idea ( you can click on the chart to go inside it)
So in my opinion in the next 20-30 days, we may see BTC retrace from one of these fib levels back to fill that CME gap and then continue its move through some sort of daily uptrend channel toward 75k. However, I'm also very cautious because it might stop respecting the CME gap and keep shooting upward or it can gain a lot of downward momentum on the way back and pass through 56.5 and go back to 48k.
Also, you may ask why 20-30 days? Because BTC uptrends usually take this amount of time to finish ( sometimes they can take up to 60 days too )
Note
for now we may see another big short squeeze before end of this waveNote
Both buyer and seller's liquidity is trapped below support and resistance 62-63k and 66-67k Right now price is also trapped between the 50% fib level of these two areas, but because yesterday we had many attempts to trigger buyers' liquidity. In my opinion, it's more probable to see another move to the downside initiated soon but anything can happen depending on what market makers see as more profitable
Note
Previous trendlines broke to the upside and reached the 67k target, right now a new structure is forming, the longer we stay inside the uptrend, the more liquidity will be created on both sides of it, I expect a lot of volatility next week
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.