I think BTC is heading to 30k in the next couple of weeks (~ until March) despite the pattern (blue rectangle) that everyone's noticing.
In July I published my idea of the bottom candle that was correct:
but this time the pattern won't play out like that.
If you look at the volume, BTC has a notable decreased volume since the break out in late July - I'm sure many retail investors got out of BTC at the bottom and the interest in investing again sunk, that's why we don't have that much liquidity that we need to move on. The liquidity sits between 28k - 34k and the market's heading there to find it.
The 40k support won't hold because there isn't enough liquidity for defense, so it'll flip to resistance. Of course there'll be some relief pumps but they won't last until the market has found liquidity.
In July I published my idea of the bottom candle that was correct:
If you look at the volume, BTC has a notable decreased volume since the break out in late July - I'm sure many retail investors got out of BTC at the bottom and the interest in investing again sunk, that's why we don't have that much liquidity that we need to move on. The liquidity sits between 28k - 34k and the market's heading there to find it.
The 40k support won't hold because there isn't enough liquidity for defense, so it'll flip to resistance. Of course there'll be some relief pumps but they won't last until the market has found liquidity.
Note
BTC reached the support zone for now in the 40k area. From here it'll bounce up to 53k probably and then continue to fall.
At that point the 40k support area will turn into resistance and BTC will head further to 30k.
Note
Obviously the bounce wasn't that big and BTC kept on falling. It's almost in the buy zone now. I have my bids between 30k-34k.Trade closed: target reached
Trade closed
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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.