$BINANCE:BTCUSDT : "Always have two strings to your bow"
Updated
Hello Fam,
BITCOIN: Always have two strings to your bow
Bitcoin made a good run as we all expected and broke out of 525 day's high around 32.5k $. It never slowed down till it hit 44.5K $ target. Funding rates are too high and need to reset. RSI is overbought and Stoch RSI is in the same condition. So there will be correction waves too. Correction waves are important equal to impulse waves in uptrend. No correction = Market exhaustion for now 42k is the first level of support that i expect it to be tested soon (fib. 0.5 of correction wave). Next resistance is 48.5k $ ~ 50k $ (fib. 0.618 ~ 0.650) and i believe there will be more side way moves, decline + Dominance drop + alt party, right after reaching that level.
Another perspective is price moves in channels. too many to count, but there are some that can be easily identified. PS: when a trend breaks a channel (either way) it's expected to continue its move as the size of the main channel. The idea matches the fib. levels mentioned above. Price broke 41.5k $ as the midline of the channel. but haven't tested it yet on W1. The upper boundary of the channel shows 50k $ as well.
Weekly closes in 13hrs from now and there will be volatility. I'm not a greedy trader. I am a conservative trader and I believe in the phrase, "Always have two strings to your bow." So, I will partially reduce my exposure to the Bitcoin market and secure my profit just to be able to buy coins at corrections with greater discount.
Short term Bias: Bullish
Midterm Bias: Bullish
- Supports: 42500 - 39500 - 36500 - 32500
- Resistances: 44500- 48500 - 50000
- As always, DYOR before taking any financial decision.
BITCOIN: Always have two strings to your bowBitcoin made a good run as we all expected and broke out of 525 day's high around 32.5k $. It never slowed down till it hit 44.5K $ target. Funding rates are too high and need to reset. RSI is overbought and Stoch RSI is in the same condition. So there will be correction waves too. Correction waves are important equal to impulse waves in uptrend. No correction = Market exhaustion for now 42k is the first level of support that i expect it to be tested soon (fib. 0.5 of correction wave). Next resistance is 48.5k $ ~ 50k $ (fib. 0.618 ~ 0.650) and i believe there will be more side way moves, decline + Dominance drop + alt party, right after reaching that level.
Another perspective is price moves in channels. too many to count, but there are some that can be easily identified. PS: when a trend breaks a channel (either way) it's expected to continue its move as the size of the main channel. The idea matches the fib. levels mentioned above. Price broke 41.5k $ as the midline of the channel. but haven't tested it yet on W1. The upper boundary of the channel shows 50k $ as well.
Weekly closes in 13hrs from now and there will be volatility. I'm not a greedy trader. I am a conservative trader and I believe in the phrase, "Always have two strings to your bow." So, I will partially reduce my exposure to the Bitcoin market and secure my profit just to be able to buy coins at corrections with greater discount.
Short term Bias: Bullish
Midterm Bias: Bullish
- Supports: 42500 - 39500 - 36500 - 32500
- Resistances: 44500- 48500 - 50000
- As always, DYOR before taking any financial decision.
Note
Brief Update:Still on track. Channel's mid-line supported the trend so far. I'm looking at the chart for a possible reversal pattern to a short term bounce. Let's see how it goes.
Note
Brief update:both midlines acting accurately but eventually one must break. i expect to see another short squeez before major correction. 48500 then 32500 in Q1 2024.
Note
All Done. Hitting 48.5k and a rejection. next update is coming.
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