BTC to fall to $23.2k before final move to $37.2kThe last couple of months have definitely been difficult to trade. If you've made money, congrats.
We've just been stuck in a lot of chop and I think the chop will continue until around early July before we see a trending move higher.
Even though we've had a pump higher in the last couple of days, I still think we're in the process of a complex correction. So if you missed this move, be patient.
I think the move higher in BTC will stall out somewhere in the grey box - somewhere between $28.3k-$23.7k. If we can't break that resistance, then I think the next move is going to shake a lot of people out.
If you look at the chart, you can see that $23.2k is a level that still hasn't been tested as support, and I think that level will need to be tested before we can move much higher from here. I think the most likely scenario is that over the course of the next 3-7 days, BTC will test this level higher and alts will rally a little bit to bait in new longs. Then I think at some point next week, BTC will dump back to $23.2k.
That's where I'll want to be long BTC ($23.2k) because I think there's significant upside there in a relatively short amount of time. I think we'll see a relatively fast move higher into the $30k range from that level (60% upside to final target). The first resistance being $32.8k, and the next and final resistance being $37.3ishk. Once we hit that 37k level, that's where I'll exit all of my longs, because I believe that after that, we'll see the continuation of the bear market below $10k.
Be cautious trading alts over the next week or two. If you do, set tight stops and take gains while you have them. Because if we do see that dump to $23.2k, I think it's going to get very ugly for alts.
