BTCUSDT Possible Breakout from Huge Downtrend
!!! NOT FINANCIAL ADVISE, JUST FOR EDUCATIONAL PURPOSE !!!
1. Nasdaq (QQQ) possible bounce from SMA 50 on Monthly chart
2. BTC was able to hold around 19-20k, making possible double bottom
3. Big Downtrend started on 08.11.2021, which possibly can be broken now by BTC
BTC could do another retest, after brake out from the trend line and then continue.
It is also possible to make a new lower low to liquidate the long positions, but unlikely as already did a lower low for short trap.
1. Nasdaq (QQQ) possible bounce from SMA 50 on Monthly chart
2. BTC was able to hold around 19-20k, making possible double bottom
3. Big Downtrend started on 08.11.2021, which possibly can be broken now by BTC
BTC could do another retest, after brake out from the trend line and then continue.
It is also possible to make a new lower low to liquidate the long positions, but unlikely as already did a lower low for short trap.
Note
Take profit levels should be around:21844
24439
26438
If nothing changes fundamentally, the economic coming outs, could dramatically change this idea.
Note
One more important thing, VOLUME on WEEKLY Chart, SPOT Market (BTCUSDT:BINANCE).Very High Relative volume, with HUGE GREEN Volume Candle for last 26 Sep 2022 week.
Seems like an accumulation phase, which could breake out, it can reach higher levels as well, around 28k, 30k.
Note
Historical analysis on MONTHLY Chart, for MACD fans:If we analyse Monthly BTC Chart, during the history:
- transition from RED Candle to LIGHT RED Candle on MACD represented BOTTOM of Bear market
- Currently we see the LEGHT RED Candle on MACD, but we are on the start of the Month, we want to see if OCTOBER closes like this, to be confirmed
- Also this is just a historical data, it is not the best to predict the future as the whole market depends on ECONOMIC SITUATION
Note
In Micro level, we want to see Bitcoin breaking through above 20568 and it should maintain that level for bullish continuation. Trade closed manually
Bearish Economic data came out: Unemployment rate decreased in Sept. from 3.7% to 3.5%Trade invalidated by this fundamental news
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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.
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.