Bitcoin (BTC): Weekly Candles Are Very Bullish / Possible Dump..
Another week for Bitcoin, and yet again we see a bullish start of the week!
As of now, we have 3 thick green candles on a weekly timeframe with a pure dominance from buyers (we don't even have a wick on the lower side of the weekly candle body).
Markets have grown amazingly lately, and prices are expanding to the limits, which still gives us a small suspicious feeling.
As many of you know, we have been waiting for markets to have some kind of correction soon (which is normal in bullish markets and usually happens 2-4 times per bullrun).
As prices have expanded and indicators need to stabilize now (like RSI and EMAs), we are looking for 20–30% correctional movement to happen on Bitcoin, which would bring the price down to that broken zone (which we also need to re-test for healthier upward movement from there).
Remember, a 20-30% move on Bitcoin can and will result in bigger gains on ALTs, so stay safe!!
Swallow Team
As of now, we have 3 thick green candles on a weekly timeframe with a pure dominance from buyers (we don't even have a wick on the lower side of the weekly candle body).
Markets have grown amazingly lately, and prices are expanding to the limits, which still gives us a small suspicious feeling.
As many of you know, we have been waiting for markets to have some kind of correction soon (which is normal in bullish markets and usually happens 2-4 times per bullrun).
As prices have expanded and indicators need to stabilize now (like RSI and EMAs), we are looking for 20–30% correctional movement to happen on Bitcoin, which would bring the price down to that broken zone (which we also need to re-test for healthier upward movement from there).
Remember, a 20-30% move on Bitcoin can and will result in bigger gains on ALTs, so stay safe!!
Swallow Team
Note
On a daily timeframe, nothing much has changed since last time.
Price has yet not broken or even touched the 100K zone, which is showing us that although this zone is a major milestone for Bitcoin, a lot of pressure can also be seen at that level.
So our gameplan remains the same, where we are looking for a major re-test to happen (which would be healthy for upcoming bullish movement).
Now yes, we are waiting for drop and selloff to happen (in order to see some liquidation hunting), but we also marked for ourselves that 105K zone, which upon breaking it we might see a further movement to upper zones.
Now any movement above 100K would just expose the already huge bubble and gap that buyers have resulted in, which usually ends with a very sharp movement!
Note
Bitcoin has had the first signs of weakness on the weekly opening (yesterday).
With sharp decline near psychological resistance, we are seeing the demand in correctional movement, where now all we have to do is to winess a market structure break (which would turn the current short-term trend to bearish).
Now bear in mind that while we wait, we still haven't touched the 100K, which is and will be a magnet zone for many traders. That's why we are not rushing here and just waiting for confirmation from MSB!
Note
Bitcoin has had a small bounce from 100EMA in a 4-hour timeframe.
While we had a smaller bounce now we might have some kind of upward movement (or a fakeout and another re-test of 100EMA).
Now we keep on monitoring the market structure development and wait for our zones to be reached patiently!!
Note
Bitcoin had a propper bounce from 100EMA, where now we are seeing yet another downward movement (which might mean we will see another re-test of 100EMA).
As you all remember, we are looking for a major correction to happen, which is needed currently, so as a market structure development wise, we are looking for the 91K zone to be rectified and broken, which would result in a further movement to lower zones toward the 200EMA mark!
Note
Bitcoin is still hovering below that 100K mark, which we can't touch somehow or something.
Pressure from sellers has been growing since the last ATH zone, and now both buyers and sellers are fighting for dominance near this zone.
Our gameplan has not chanced a bit from this timeframe where we patiently wait for our entry zone to be reached; only then will we be looking for a correctional movement to lower zones.
Meanwhile, we keep on monitoring the price action and liquidity growth on both the upper and lower sides to determine a possible liquidation hunting point!
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Join our amazing team and be part of something bigger.
FREE: t.me/+fiEDSn7M9pJkODA0
🚨 Authentic Mentoring
⚡️ Short-Term + Mid-Term Trades
Join our amazing team and be part of something bigger.
FREE: t.me/+fiEDSn7M9pJkODA0
⚡️ Short-Term + Mid-Term Trades
Join our amazing team and be part of something bigger.
FREE: t.me/+fiEDSn7M9pJkODA0
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