BTC may have opened a new channel. If it can continue in this channel and BTC.D falls, there are many rockets waiting to fly in altcoins.
Or I could be too optimistic for the market. What do you think?
Or I could be too optimistic for the market. What do you think?
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May fall back from mid-channel resistance "...if the channel is real :) "Note
*BTC started to descend towards the channel bottom. If there is not enough buying pressure, it may fall to the 39K level. If there is panic selling at this point, the price will go down to 36K. *I also think that whales who want to make more profits in the possible ETF haype after the New Year will want to buy the price from the bottom. Therefore, a strong correction will favor the big players in the next two weeks. Be careful...
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Be careful, if it doesn't get support from here, BTC will easily go down to 39K. The bullish channel will be invalidated and we may see lower support levels.Note
BTC continues to stay inside the channel. 3 times it has taken support from the bottom of the channel and is ready to go up. The first resistance in the upward movement is the 44k level, then 47-48k can be seen. If selling pressure occurs, the levels where it can fall are below the channel, first 40k and then 38k.
The market is still uncertain before the ETF news, it may fly or fall according to the news. Therefore, it is useful to be careful.
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*I'm sure most of you have at least a few orders with stop-loss in the past days. I do too. It was clear that the ETF process was going to be turbulent and I have mentioned under many ideas that there could be big corrections here. I hope you didn't lose too much in the process.
*Most likely, the Bitcoin ETF will be approved on Wednesday and will start listing on Thursday. At this point, a "sell the news" situation could happen, but I think this is unlikely. The main point here is that there will be a significant amount of liquidity flowing into Bitcoin, so there will be a lot of mutual funds willing to buy it in the event of a price drop. What I'm saying here is that we are less likely to see sudden drops in the price of Bitcoin. Therefore, Altcoins that have lost value because of Bitcoin will have a lot of room to grow. All in all, this may be the last bull run before crypto goes mainstream, but for altcoins, it may be the biggest.
*The chart I drew still works and the price can't wait to break above the channel. I think there will be a nice rise and then a small correction. Then Bitcoin will enter a regular trend and the pre-halving rally will start. And finally the Altcoin season will come.
*However, it is still worth being careful these two days, there will be speculations.
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Wow, I've never been right this fast before.
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Again, watch out for speculation and manipulation.Note
The situation is not encouraging. If BTC fails to maintain this level, it may fall back to 40500. This is a very solid support level, but if it is broken, a drop to 38000 could occur.
However, if BTC can hold here, the upward movement could lead to a nice rally in the alt coins. Because the BTC.D level is still falling.
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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.