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Bitcoinpriceprediction

Bitcoin Mid-Week UpdateTLDR: Two Possible paths ahead for Bitcoin: Contingency 1: • Price drops below the range for a liquidity grab. In this case I will be a buyer at the 28.5K – 29K level. Contingency 2: • Price Moves above the range High. In this case I will be a seller at the 32K - 33K level. Background: • In the last week and a half Bitcoin is consolidating in a range. • The range low is 29,500 USD. The range high is at 31,500 and the mid-range is at 30,500. • Looking at the Fixed range Volume Profile shows an even tighter compression. Most of the transaction volume is clustered in the range between 30,009 – 30,824USD. The million Satoshi question every trader is asking is which way will Bitcoin go? Up or down? • The answer is I don’t know. Nobody does. So, what do we do when we don’t know what is going to happen? • We wait and prepare contingency plans. Before I begin, I will share my philosophy about the market. I view the market as a mechanism with the purpose of causing max pain to the longs and shorts. This is all we need to know to make it in this market. Our job as traders is to prepare a plan for every scenario and when the time comes, to execute the plan without fear or hesitation. Contingency A: Price moves below the range low. • IMO, this is the easiest scenario. Any move below the range low is a liquidity grab for the MM to build long positions. If Bitcoin moves below the range the most likely support is 0.382 fib retracement at 28,739$. The 0.5 fib retracement at 27,937 is not likely IMO. • If Bitcoin moves below the range low, I expect a sharp move to the range high to follow. Contingency B: Price moves above the range high. • This is the max pain scenario IMO. A move above the range high is followed by a correction back to the range low. Where did we see such a move? In March and April of this year. You know the cliché, “history rhymes…”. So, let's copy the fractal of the previous consolidation and see what we get. The perfect max pain scenario: “Let’s get everyone bullish and slam price down to shake them out”. I will divide this scenario into three phases: Phase 1: Consolidation. • Price stays within the confines of this tight range until July 7th. Non-Farm Payrolls and the Unemployment numbers will be published on July 7th, and this is when volatility will pick up. Phase 2: Markup. • On the back of bullish news such as low employment numbers, a sharp move up above the range high. Phase 3: Markdown. • The 33K is significant. If you remember this level was the first significant support at the initial phase of the bull market. The levels between 33K to 44.5K were the first redistribution phase of the bull market between January and May of 2022. You can’t flip such a significant level on the first try. These are my two primary contingency plans for the rest of the week. I hope you find it useful. NFA. What do you think? Please share in the comments. Best wishes.
Long
by NewThoughtCrypto
Bitcoin BTC price forming "Cup and handle" for continued upmove?Probably, the Cup and Handle pattern is forming on the BTCUSDT chart. This pattern is usually formed to continue a trend movement. The upside shot will depend on how low the price drops in the handle, but the levels from above are still relevant: $32650, $33600, $34550. The critical level for the pattern to be relevant is $30275. Fixing the BTC price below this level can give sellers confidence at last that they can break the stops below $29500-30000 for the 5th time. Yesterday was an Independence Day holiday in the US, so the market was sluggish. Today, the FOMC minutes are due to be published, which can revitalize, invigorate, and add volatility to the charts, so keep this in mind. Perhaps those minutes will contain a "hint" of what will happen to the Fed rate on 07/26/23. _____________________ Did you like our analysis? Leave a comment, like, and follow to get more
by P_S_trade
40
Bitcoin's New Target | Moving AveragesGreetings, @TradingView community! It's intriguing to observe that Bitcoin appears to follow a consistent structure during each bull and bear cycle. By plotting the Daily Moving Averages (200, 500) and the Weekly Moving Average (200) over the weekly timeframe of Bitcoin, we can analyze the patterns that accompanied the three bull and bear cycles dating back to 2013. Firstly, the Weekly Moving Average (200) has acted as a significant support level during the periods of 2015-2016 and 2019-2020. However, in 2022-2023, the price dipped below the Weekly MA (200) until recently when the price action pushed it back above, which is a positive sign for the continuation of the bull run. Secondly, the Daily Moving Averages (200, 500) have served as reliable indicators for golden and death crosses. Based on Bitcoin's past performance, these crossovers have often provided strong signals for future price actions. Notably, the Death Crosses of 2015 and 2018 occurred just before significant market crashes. It's worth mentioning that the market tends to revisit and even exceed the levels of these crossovers after a considerable period. Lastly, the crossover in 2022 marked a level of 45,200, which could be considered as the next price target for the ongoing bull run, based on Bitcoin's historical behavior. When examining the RSI and MACD indicators, it suggests that there is still room for growth before reaching the overbought area. Wishing you successful trading! Note: This analysis is for informational purposes only and should not be considered as financial or investment advice. Remember to conduct thorough research and consult with professional advisors before making any trading decisions.
INDEX:BTCUSD
by Vestinda
1
BTC : Long($50,506) or short(17000) ?Technical Analysis: Bearish Analysis: Price is currently within a 3-day supply zone. If it breaks below $29,786.90, I expect a bearish trend with targets at $25,214 and around $17,000. Bullish Analysis: A bullish breakout occurs if the price surpasses the current supply zone, starting at $31,037. Targets for bullish momentum are $50,506 and $64,965. Personal Perspective: I personally anticipate a bearish move towards $17,000 based on trend analysis. Feedback and Updates: Your analysis as feedback is appreciated. We recommend you to follow TrendSailor everywhere for timely updates on new ideas, Forex/Crypto/Stock market pair ideas, and my daily trade results. Disclaimer : Please remember to consider the timeframe associated with each analysis to avoid any potential misinformation. It's important to note that all predictions I share are for my personal reference and educational purposes only. Any trades inspired by my ideas, whether posted earlier, today, or in the future, involve financial risk for which I will not be held accountable. Thank you for your understanding.
INDEX:BTCUSD
by UnknownUnicorn14930146