Bitcoin 3D chart and MTF projectory
Updated
Bitcoin reclaimed the weekly levels and is showing some strength on the LTF. Volume is shit however and I'm not convinced this is the reversal we'd been hoping for.
I'm expecting a LTF relief bounce. This level could bring as to levels as high as 50k. A lower High will form there and the dump will probably continue.
Until we will have the capitulation level volumes we've seen many times during significant dumps I'm expecting the downtrend to continue.
Feel free to ask me questions if you have one.
I'm expecting a LTF relief bounce. This level could bring as to levels as high as 50k. A lower High will form there and the dump will probably continue.
Until we will have the capitulation level volumes we've seen many times during significant dumps I'm expecting the downtrend to continue.
Feel free to ask me questions if you have one.
Note
This idea is still in play and the depicted resistance areas on the charts has acted well as resistance. As long as Bitcoin holds ~37k and doesn't form a new lower low, I'm neutral at most. But once it loses that level I'm expecting the downtrend to continue to 30k.The bullish scenario would be capitalizing (accumulating) in the current range until we'd have the desired capitulation levels volume (this is highly subjective though) and a reclaim of 47-52k levels. This would probably start a new uptrend and bring us to new highs.
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