BITCOIN - POSSIBLE PATHS
We all agree that Bitcoin generally trends up with time, so I avoid in my analysis to have a Max Pain scenario where it nukes to 10k or 0, I simply find that disbelieving in respect to this life changing technology.
Many use cases are bought to us year after year, countries, institutions, big companies are all slowly jumping on board.
The scenarios I have drawn in my chart are as follow:
MOST BULLISH PATH: Breaking out of this enormous descending channel (DARK BLUE CHANNEL), popping our heads above the 0.382 Fib took from March 2020 capitulation to Local Top (69kish) and also get a rejection from the upward channel (LIGHT BLUE CHANNEL) that will coincide with the top of our BULL MARKET SUPPORT BAND. Failing to break those major resistance areas price will get a nice retracement back to the top of our Descending Channel and Bullish continuation will follow until new ATH.
MOST BEARISH PATH: Price will be unable to break trough our descending channel creating another Lower High, that will scare many investors (especially now in a risk off environment with the Macro economics conditions),
price will Dump hard enough to finally break to the downside our Ascending Channel which was providing a lot of support in previous price action.
BTC is pretty much glued to the NDQ, if the last prints a Lower Low, it could send BTC directly to the 200W MA (Historically Bottom Signal for BTC) that at the current valuation correspond with the previous market cycle top of 20k. Bear in mind that whilst other alt coins including Ethereum have already tested their Golden Pockets when they retraced back in January, BTC has yet failed to do so. It is not important but Market Makers would surely like to have the chance to buy back at a bargain.
PLEASE DO YOURSELF A FAVOUR, HAVE A CASH POSITION TO INVEST BACK IN THE MARKET AT LOWER PRICES, KEEP ON DCAing, REMAIN UN-BIAS.
BE OPEN TO ALL POSSIBLE SCENARIOS.
NFA.
JKn Studio.
Many use cases are bought to us year after year, countries, institutions, big companies are all slowly jumping on board.
The scenarios I have drawn in my chart are as follow:
MOST BULLISH PATH: Breaking out of this enormous descending channel (DARK BLUE CHANNEL), popping our heads above the 0.382 Fib took from March 2020 capitulation to Local Top (69kish) and also get a rejection from the upward channel (LIGHT BLUE CHANNEL) that will coincide with the top of our BULL MARKET SUPPORT BAND. Failing to break those major resistance areas price will get a nice retracement back to the top of our Descending Channel and Bullish continuation will follow until new ATH.
MOST BEARISH PATH: Price will be unable to break trough our descending channel creating another Lower High, that will scare many investors (especially now in a risk off environment with the Macro economics conditions),
price will Dump hard enough to finally break to the downside our Ascending Channel which was providing a lot of support in previous price action.
BTC is pretty much glued to the NDQ, if the last prints a Lower Low, it could send BTC directly to the 200W MA (Historically Bottom Signal for BTC) that at the current valuation correspond with the previous market cycle top of 20k. Bear in mind that whilst other alt coins including Ethereum have already tested their Golden Pockets when they retraced back in January, BTC has yet failed to do so. It is not important but Market Makers would surely like to have the chance to buy back at a bargain.
PLEASE DO YOURSELF A FAVOUR, HAVE A CASH POSITION TO INVEST BACK IN THE MARKET AT LOWER PRICES, KEEP ON DCAing, REMAIN UN-BIAS.
BE OPEN TO ALL POSSIBLE SCENARIOS.
NFA.
JKn Studio.
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