BTC Long-Term Idea
First of all, what I want to mention is that there is a linear structure at the top of the price view and a parabolic sloping structure at the bottom.
This situation alone suggests that the structure has been progressing similarly to the 10-month movement from June 2019 to March 2020 since March 2024.
Looking at the current price, I believe the diamond formation will push the price to 44K for now, and in response, it will head towards the blue parabolic zone that has been forming under the candles for months.
After bouncing from the parabolic zone, I believe the price will advance towards the linear uptrend zone, where I think the rejection has not yet been completed.
It was last rejected from this uptrend line at 70K. If the price moves there now, it would form a higher high after 65K. This line touch points to 76K.
Psychological Perspective
I believe a price that forms a higher high and shows a new ATH (all-time high) will convince investors enough of a continued uptrend. Afterward, it will experience one last deeper decline, touching the blue parabolic slope one last time at 34K -
36K, and the real momentum will begin with this move and majority will be eleminated with this move probably.
So, the sequence of lows and highs I foresee is: 44K > 76K > 34K ( in few months)
This situation alone suggests that the structure has been progressing similarly to the 10-month movement from June 2019 to March 2020 since March 2024.
Looking at the current price, I believe the diamond formation will push the price to 44K for now, and in response, it will head towards the blue parabolic zone that has been forming under the candles for months.
After bouncing from the parabolic zone, I believe the price will advance towards the linear uptrend zone, where I think the rejection has not yet been completed.
It was last rejected from this uptrend line at 70K. If the price moves there now, it would form a higher high after 65K. This line touch points to 76K.
Psychological Perspective
I believe a price that forms a higher high and shows a new ATH (all-time high) will convince investors enough of a continued uptrend. Afterward, it will experience one last deeper decline, touching the blue parabolic slope one last time at 34K -
36K, and the real momentum will begin with this move and majority will be eleminated with this move probably.So, the sequence of lows and highs I foresee is: 44K > 76K > 34K ( in few months)
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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.