BITCOIN: ALL IN ONE.
Hello traders, I hope you all are doing well with these recent dumps. The market was already in an uncertain stage and then the pump-and-dump scenario by the two most powerful influencers. There's a lot to take but in this chart, I will try my best to simplify all these complications.
In this chart, I am gonna talk about three important things, Past & present scenarios, Support level, and the bull run.
So, let's get started!
Note: This update is going to be a long one so please bare with me till the very end.
1. PAST & PRESENT SCENARIOS: It was March 29th, 2022, when BTC dumped from
48K all the way to 24k (-50%) in 44 days, and the market went crazy. Then we saw some sideways moves for about 33 days expecting BTC to bounce back but on June 12, it made another drop from 28k to 17.6k (-38%) in just 6 days. Ever since then, BTC is trying to maintain this support level (17.6k) and push the price toward a bullish rally.
The recent drop has brought BTC back to a similar situation where holding the support is a must. If history is going to repeat and BTC breaks down the 17.6k support then a -38% drop would mean BTC at 11k to 12k.
2. SUPPORT LEVEL: 17.6k has been an important support for BTC. In a daily timeframe, this may look like important support but in weekly TF, it is not. I will share details about the weekly chart in my next update. For now, we will consider 17.6k to be the present support.
3. THE BULL RUN: We all are anxiously waiting for the bull run and there are many traders predicting dates for the bull run. They can be right, according to their analysis. For me, I would rather go with the numbers. In this chart, you'll see 2 confirmation levels, 1st confirmation level is at 24k to
25K and then the 2nd confirmation level is at 30k to 32k. BTC needs to break these two levels to confirm a bull run, until then we need to wait and accumulate the bottom levels.
KEY POINTS:
* 17.6k Support.
* 24k to25K 1st bull run conformation.
* 30k to 32k 2nst bull run conformation.
What is your thought on the current market scenario? Let me know in the comments.
Good hours ahead, thank you.
In this chart, I am gonna talk about three important things, Past & present scenarios, Support level, and the bull run.
So, let's get started!
Note: This update is going to be a long one so please bare with me till the very end.
1. PAST & PRESENT SCENARIOS: It was March 29th, 2022, when BTC dumped from
48K all the way to 24k (-50%) in 44 days, and the market went crazy. Then we saw some sideways moves for about 33 days expecting BTC to bounce back but on June 12, it made another drop from 28k to 17.6k (-38%) in just 6 days. Ever since then, BTC is trying to maintain this support level (17.6k) and push the price toward a bullish rally.The recent drop has brought BTC back to a similar situation where holding the support is a must. If history is going to repeat and BTC breaks down the 17.6k support then a -38% drop would mean BTC at 11k to 12k.
2. SUPPORT LEVEL: 17.6k has been an important support for BTC. In a daily timeframe, this may look like important support but in weekly TF, it is not. I will share details about the weekly chart in my next update. For now, we will consider 17.6k to be the present support.
3. THE BULL RUN: We all are anxiously waiting for the bull run and there are many traders predicting dates for the bull run. They can be right, according to their analysis. For me, I would rather go with the numbers. In this chart, you'll see 2 confirmation levels, 1st confirmation level is at 24k to
25K and then the 2nd confirmation level is at 30k to 32k. BTC needs to break these two levels to confirm a bull run, until then we need to wait and accumulate the bottom levels.KEY POINTS:
* 17.6k Support.
* 24k to
25K 1st bull run conformation.* 30k to 32k 2nst bull run conformation.
What is your thought on the current market scenario? Let me know in the comments.
Good hours ahead, thank you.
coincall.com/r/43438887
Trade crypto options and futures on Coincall for great onboarding bonuses and a premium trading experience.
Trade crypto options and futures on Coincall for great onboarding bonuses and a premium trading experience.
Related publications
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.