BitcoinLong
BTC UPDATE! MONTHLY CHART LOOKS GOOD!
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Welcome to this BTC/USD monthly update. I know you are still confused about whether we entered a bear market or are we still in a bull market. I'll try to explain in a very simple way.
By looking at the monthly chart BTC still looks fine and trading inside a channel. The bottom of this channel is 33k which we already hit and also BTC is still holding the 21monthly MA which is very crucial for the bull's perspective.
Look, we are at a very crucial point but more likely I said that we are still in a bull market. Here I explain why?
Bullish scenario:- For a bullish scenario of BTC either 33k is the bottom (which we already hit) or we might see the last drop to $28,500 and a good bounce is from there.
Bearish scenario:- If we break the $28,500 support level then a bear market is confirmed and the low of a bear market is around 18k-20k
But as of now, I don't think that we entered a bear market. 69k is not the blow-off top of this bull cycle. If BTC bounces from here then my first target for BTC is around 85k-90k level. If we break and hold above the 90k level then the final target is $3,00,000
As of now, I'm holding my BTC and altcoin positions and waiting patiently.
Hope you like this idea and I'm able to clear all your doubts.
If you still have any queries or want to share your opinion then feel free to comment below.
And don't forget to hit the like button and if you haven't followed me yet the smash the follow button.
Thank You!
Welcome to this BTC/USD monthly update. I know you are still confused about whether we entered a bear market or are we still in a bull market. I'll try to explain in a very simple way.
By looking at the monthly chart BTC still looks fine and trading inside a channel. The bottom of this channel is 33k which we already hit and also BTC is still holding the 21monthly MA which is very crucial for the bull's perspective.
Look, we are at a very crucial point but more likely I said that we are still in a bull market. Here I explain why?
Bullish scenario:- For a bullish scenario of BTC either 33k is the bottom (which we already hit) or we might see the last drop to $28,500 and a good bounce is from there.
Bearish scenario:- If we break the $28,500 support level then a bear market is confirmed and the low of a bear market is around 18k-20k
But as of now, I don't think that we entered a bear market. 69k is not the blow-off top of this bull cycle. If BTC bounces from here then my first target for BTC is around 85k-90k level. If we break and hold above the 90k level then the final target is $3,00,000
As of now, I'm holding my BTC and altcoin positions and waiting patiently.
Hope you like this idea and I'm able to clear all your doubts.
If you still have any queries or want to share your opinion then feel free to comment below.
And don't forget to hit the like button and if you haven't followed me yet the smash the follow button.
Thank You!
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