BTC The Bigger Picture
(WEEKLY TIME FRAME AND UP)
So yeah, the chart kind of reads itself, BTC is in a moment were it needs to make a choice of where to go
There is 2 scenarios (Obviously lmao)
For BTC to move up:
needs to break above its weekly downtrend and create the break level it hit as a origin point (this is potentially detrimental in the future but will provide a "short" term support to move up)
needs to break its ladder by hitting the break level at 52134 and how its going to do that is firstly breaking this downtrend and starting an accumulation cycle again the break
needs to not get inverted off a greedy ladder point below the break at 52134, really just again, it needs to hit that break
if that all happens there is a good potential to see a 60k+ BTC again, however its impossible to see more then 1 step in time so things can change
For BTC to move down:
needs to have its weekly downtrend hold against its uptrend and hard close the uptrend on a weekly time frame (note in 2 months is its first possible time to hard close its monthly uptrend and that could lead to a major price dip)
needs to not create this origin level off its break level, so again it can not break the uptrend
can possibly go above up trend and inverse off a greedy ladder point
BTC just hit its weekly break big sign its probably going to continue down into the 34253 range, there is more greedy holds in that range but as we are looking at only the weekly and above, thats the level
personally, a move down is what I expect, BTC has to do some wild shit in order to move up
does this all really matter? no, at the end of the day as traders we don't care if BTC goes up to 1M overnight, we simply log online, make out money if that be $100 a day or $50,000 a day and log off, regardless of what the price is
this is more of a fun outlook on what could possibly happen in the future
So yeah, the chart kind of reads itself, BTC is in a moment were it needs to make a choice of where to go
There is 2 scenarios (Obviously lmao)
For BTC to move up:
needs to break above its weekly downtrend and create the break level it hit as a origin point (this is potentially detrimental in the future but will provide a "short" term support to move up)
needs to break its ladder by hitting the break level at 52134 and how its going to do that is firstly breaking this downtrend and starting an accumulation cycle again the break
needs to not get inverted off a greedy ladder point below the break at 52134, really just again, it needs to hit that break
if that all happens there is a good potential to see a 60k+ BTC again, however its impossible to see more then 1 step in time so things can change
For BTC to move down:
needs to have its weekly downtrend hold against its uptrend and hard close the uptrend on a weekly time frame (note in 2 months is its first possible time to hard close its monthly uptrend and that could lead to a major price dip)
needs to not create this origin level off its break level, so again it can not break the uptrend
can possibly go above up trend and inverse off a greedy ladder point
BTC just hit its weekly break big sign its probably going to continue down into the 34253 range, there is more greedy holds in that range but as we are looking at only the weekly and above, thats the level
personally, a move down is what I expect, BTC has to do some wild shit in order to move up
does this all really matter? no, at the end of the day as traders we don't care if BTC goes up to 1M overnight, we simply log online, make out money if that be $100 a day or $50,000 a day and log off, regardless of what the price is
this is more of a fun outlook on what could possibly happen in the future
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.