BTC has hit the recent target area and made a higher high confirming the bullish trend.
Price is currently retracing slightly.
RSI peaked at 77 so not as high as last years high in March. This could still mark a local high as we've seen such a heated pump from btc, so pattern wise wouldn't surprise if BTC does a bit of consolidation downwards gathering steam for the next leg up.
A few scenarios present themselves in my eyes here:
1. Green path has price retracing to test the POC at approx. 103k after which price continues on to the upside where we wait for RSI to reach a similar peak to March last year. Projection here is around 133k.
2. Yellow path which sees price do a 50% retrace quite quickly with the first target being liquidity around the 100k level and ultimately 93k. Projection after this retrace is around 133k.
3. Red path which has a protracted retrace lasting 2 months ending approx. end of July. Target here would be a 50% retrace level around 92-93k which also has confluence with the major ascending channel that btc has been following. Projection after this retrace would then be approx. 140k area.
#3 could see a possible "alt season" provided BTC price does not retrace too much in a single drop, but does so with decent recoveries allowing alts to climb... i.e. profit taking in btc is then transferred to buy into alts.
A drop below the 50% fib level at 93k would indicate weakness, and I would look to preserve capital is this plays out. Should this play out, I would plan for a revisit to the 73k area.
Price is currently retracing slightly.
RSI peaked at 77 so not as high as last years high in March. This could still mark a local high as we've seen such a heated pump from btc, so pattern wise wouldn't surprise if BTC does a bit of consolidation downwards gathering steam for the next leg up.
A few scenarios present themselves in my eyes here:
1. Green path has price retracing to test the POC at approx. 103k after which price continues on to the upside where we wait for RSI to reach a similar peak to March last year. Projection here is around 133k.
2. Yellow path which sees price do a 50% retrace quite quickly with the first target being liquidity around the 100k level and ultimately 93k. Projection after this retrace is around 133k.
3. Red path which has a protracted retrace lasting 2 months ending approx. end of July. Target here would be a 50% retrace level around 92-93k which also has confluence with the major ascending channel that btc has been following. Projection after this retrace would then be approx. 140k area.
#3 could see a possible "alt season" provided BTC price does not retrace too much in a single drop, but does so with decent recoveries allowing alts to climb... i.e. profit taking in btc is then transferred to buy into alts.
A drop below the 50% fib level at 93k would indicate weakness, and I would look to preserve capital is this plays out. Should this play out, I would plan for a revisit to the 73k area.
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Telegram: t.me/theNinjasDojo
TV Referral link: tradingview.com/pricing/?share_your_love=jod45m
TV Referral link: tradingview.com/pricing/?share_your_love=jod45m
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.