$BTC Bull vs Bear: Next 3-6 months
Disclaimer: First and foremost, this is not financial advice, so take my analysis with a grain of salt.
Timeframe: Weekly chart | Forecast: 3-6 months
Bull Scenario: Based on my observation, I can see the price holding at 26k area, as our lower low was at 25.7k. If we continue to hold here, it will create a higher low in the smaller timeframe, and this level represents a 50% Fibonacci retracement from the low of 21.8k to the high of 31k between 3/13/2023 and 4/10/2023, respectively. If this level doesn't hold, our next strong support is at 25.3k, which was our prior resistance and also coincides with the 21-weekly moving average (MA). If this scenario plays out, I can see the price increasing all the way to 34.5k-44k, as illustrated on the chart with the green path.
Bear Scenario: If we don't hold 25.2k, we will be in big trouble. Our next support level is at 24.6k. Unfortunately, range between 25.2-24.6k will act as resistance later down the road because we will be below the 21-week MA. In that case, the price may rollover to 21.5k, 17.5k, and depending on traditional market and macro issues, we could go as low as 13.8k (don't shoot the messenger).
Timeframe: Weekly chart | Forecast: 3-6 months
Bull Scenario: Based on my observation, I can see the price holding at 26k area, as our lower low was at 25.7k. If we continue to hold here, it will create a higher low in the smaller timeframe, and this level represents a 50% Fibonacci retracement from the low of 21.8k to the high of 31k between 3/13/2023 and 4/10/2023, respectively. If this level doesn't hold, our next strong support is at 25.3k, which was our prior resistance and also coincides with the 21-weekly moving average (MA). If this scenario plays out, I can see the price increasing all the way to 34.5k-44k, as illustrated on the chart with the green path.
Bear Scenario: If we don't hold 25.2k, we will be in big trouble. Our next support level is at 24.6k. Unfortunately, range between 25.2-24.6k will act as resistance later down the road because we will be below the 21-week MA. In that case, the price may rollover to 21.5k, 17.5k, and depending on traditional market and macro issues, we could go as low as 13.8k (don't shoot the messenger).
Disclaimer
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