Greetings everyone,
As we all have seen this is definitely a market correction again for BTC. Everyone was foreseeing a bull-run but as BTC gets to the 11.5k horizontal resistance level it goes over bought and loses steam. Shorts are being pinged between the first support and horizontal resistance levels and BTC is retracing back to previous lows. While IMHO the bottom for BTC is 6k I am still willing to assume I'm wrong, although highly unlikely.
Technical Analysis:
Scenario #1- 40%
We see that the cup and handle that was drawn on the daily chart is losing its power, if BTC drops through the lvl1 support zone indicated the C&H will disqualify itself. Right now we can see that the support zone lvl is still holding but by barely, sell orders are chopping away at this support level. It has worked before but since it is already half way through I believe this scenario is less likely and Bulls will give in a full retracement to 9.8k-10k for a stronger rally.
Scenario #2: 60%
The second scenario provides the insight that BTC will drop through the support zone level one because it needs a stronger rally. There is a bit of bullish divergence working against this however in the RSI being oversold. The reason I say this is the most likely scenario to happen is because I feel that the previous rally at this level did not provide enough strength. The kill zone level must be stop short term for a longer term continuation pattern and that calls for a retest and a stronger rally higher.
IM STILL BULLISH ON BTC but if we are to rally higher I feel that this kill zone madness must be stopped or it wont go past ATH. I want to see BTC at new ATH and this is prolonging that .
IF YOU WANT TO SEE BTC HIGHER AND MARKETS RECOVER YOU HAVE TO BE HONEST...
As we all have seen this is definitely a market correction again for BTC. Everyone was foreseeing a bull-run but as BTC gets to the 11.5k horizontal resistance level it goes over bought and loses steam. Shorts are being pinged between the first support and horizontal resistance levels and BTC is retracing back to previous lows. While IMHO the bottom for BTC is 6k I am still willing to assume I'm wrong, although highly unlikely.
Technical Analysis:
Scenario #1- 40%
We see that the cup and handle that was drawn on the daily chart is losing its power, if BTC drops through the lvl1 support zone indicated the C&H will disqualify itself. Right now we can see that the support zone lvl is still holding but by barely, sell orders are chopping away at this support level. It has worked before but since it is already half way through I believe this scenario is less likely and Bulls will give in a full retracement to 9.8k-10k for a stronger rally.
Scenario #2: 60%
The second scenario provides the insight that BTC will drop through the support zone level one because it needs a stronger rally. There is a bit of bullish divergence working against this however in the RSI being oversold. The reason I say this is the most likely scenario to happen is because I feel that the previous rally at this level did not provide enough strength. The kill zone level must be stop short term for a longer term continuation pattern and that calls for a retest and a stronger rally higher.
IM STILL BULLISH ON BTC but if we are to rally higher I feel that this kill zone madness must be stopped or it wont go past ATH. I want to see BTC at new ATH and this is prolonging that .
IF YOU WANT TO SEE BTC HIGHER AND MARKETS RECOVER YOU HAVE TO BE HONEST...
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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.
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.