BTC - 8h - Main Bitcoin forecast - rise to $56,000
Hi Colleagues 🖖 🖖
A few words on the cryptocurrency market situation and about Bitcoin.
BTC buyers held the range of $47000, which we talked about in the previous idea:
This mark was the local liquidity zone and the lower limit of consolidation. Lack of trading volumes forced sellers to give up the initiative in the BTCUSDT market
🆘Global critical point, where it would not be desirable for the price to reach (if there should be continuation of growth) is the range $44600-45600. Price squeezes are allowed there. But if we see weak bounces from this range - it will be a signal for continuation of falling with 🙈first target of $42000. This is an alternative scenario for now.
🔥The main scenario is a test of the $50800-51400 range. There will be a serious struggle in this range. ❗️First, this price range has already reversed the BTC price twice . Secondly, the sellers' main trend line, which they held since November 11, is set there. If the buyers manage to take control of the $50800-51400 range - our final target is $56000 🟢.
Is a local wave of growth to the mark $47300 possible? Yes, such a wave of decline will still be acceptable for the realization of our Bitcoin forecast. Just at that point, you can see how altcoins will hold. For a short-term trade, this would be a good chance to get in a good trade.
After the $56,000 test, you can look for new entries into long positions with minimal risk.
So far, altcoins are not bouncing much behind bitcoin. But the likelihood of continued consolidation in the BTC market in the $47000-51000 range could allow other cryptocurrencies to exhale after the pressure and make good price pullbacks of 20-30%. It all depends on Bitcoin and USDT dominance.
So far on the dominance chart we can see that capital is starting to return to altcoins. The prospect of BTCUSD dominance falling gives another signal for a greater likelihood of an altcoin bounce.
What do you think about the situation in the Bitcoin market? Write your opinions in the comments!
_______________________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!
🎁 -20% on ALL trading fees OKX
okx.com/join/20PSTRADE
🔥V-I-P cutt.ly/PwkLhT56
👍Daily bitcoin reviews here💲 cutt.ly/3wnaaG4s
🔵Telegram t.me/pstrade_eng
okx.com/join/20PSTRADE
🔥V-I-P cutt.ly/PwkLhT56
👍Daily bitcoin reviews here💲 cutt.ly/3wnaaG4s
🔵Telegram t.me/pstrade_eng
Related publications
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.