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Bitcoinpriceprediction

Bitcoin Approaching Critical Support: Prepare for a Big MoveBitcoin is entering a decisive phase this September, with a Descending Broadening Wedge pattern forming on both the weekly and daily charts. This pattern typically signals potential volatility, and we are now approaching the descending support trendline, which also aligns with the wick from the sharp price dump on August 5th. This region, around 48K, is likely to be tested in the coming days as the market seeks to sweep liquidity. Key Support Zones to Watch: Crucial Support Zone 1: The first line of defense. If Bitcoin holds here, we could start seeing signs of bullish momentum returning. Crucial Support Zone 2: A deeper level of support. Breaking below this zone could lead to a more extended bearish trend. In the event that these levels are broken and confirmation bearish candles start forming, we could see Bitcoin testing 42K, 40K, and even 36K in the weeks ahead. However, if Bitcoin holds these zones and begins to print higher highs (HH) and higher lows (HL), it would be an early sign that the downtrend might be over. Also an important element in this setup is the 100-day EMA, which aligns perfectly with Crucial Support Zone 2. This adds a layer of confidence that the price may find strong support here. The confluence of the 100-day EMA with this key support level suggests that a touch of this zone could trigger the next major move, potentially kickstarting a rally. Strategy for Traders: Swing Traders/Spot Traders: Pay close attention to the support zones, as these levels could present excellent buying opportunities. A bounce from these areas might indicate the start of a new rally, so it’s time to prepare and fill your bags. Scalpers: Be mindful of the resistance zones. The price may spike slightly before retesting lower levels, providing potential shorting opportunities. Watch closely for a "soft" or "hard" landing around 50K-48K. Caution: Bull Trap Alert If Bitcoin encounters a pump in the near term, be cautious about falling into a bull trap. All signs currently point to a retest of the 50K and 48K zones as highly probable, so don’t get caught up in premature optimism.
by MadeByAK
Remember! Remember! The 5th of November!Thursday... the 5th of November 2020... CRYPTOCAP:BTC pumped nearly 7% in one day. We were 30ish days into the parabolic phase of the 3rd bull cycle for #Bitcoin. It was trading at $14,911. The holders had no idea that CRYPTOCAP:BTC would continue to climb an additional 335% over another 5 months, reaching a local ATH of $64,895 on April 14th 2021. Here we are on September 6th, 2024. CRYPTOCAP:BTC dropped to $52,546 or (-3.8%) for the day. Septembers are a sore subject when it comes to financial markets and Bitcoin in particular. Across the Post-Halving years, CRYPTOCAP:BTC will drop -2% historically. Considering CRYPTOCAP:BTC has tested local lows across the 5th and 6th of the last 3 months; July 5-6th low: $53,499 August 5-6th low: $49,050 September 5-6th low: $52,546 (so far) It is almost like someone is trolling the Holders... The focus of this chart is to consider the above and the following. Have we found our local bottom this early in September? ($52,546) How will Bitcoin react to the upcoming 25 bps Fed Rate cut? ($50,000 vs $60,000) Will our price position entering the parabolic phase affect the overall gains over the next 6 months? (90% vs 480%) Where will our new ATH fall next April/May? ($100,000 vs $305,000) Let me know how bearish or bullish you think the future of Bitcoin is.
COINBASE:BTCUSDLong
by RILOBUYLOW
$IBIT Gap Filled As Forecast (New Leading Bitcoin Indicator?)Proof that this works? So far it's 100% accurate. Every single 'Gap' on the NASDAQ:IBIT 4-Hour chart has filled. Refer back to my prior videos showing this, and while this does NOT mean it will continue to work forever... It's certainly a curious anomoly. And likely works based on the same principals as the CME gaps which typically fill 99% of the time (There's still an unfilled gap on the Bitcoin CME at $9750 as I recall). But who's counting. Going forward, I'll be using this as an additional guide to where price may be heading and potentially reversing to, before resuming trent. Like and share this with your other trader friends, as this has been very interesting to monitor!
NASDAQ:IBITShort
by BrettFogle
1
Bitcoin’s Rounded Top [Wyckoff Distribution]: 5 Phases to KnowHello, Trading Community! Today, we dive into the fascinating world of the Wyckoff Distribution model as it applies to Bitcoin's current market structure. Please remember that this article is purely for educational purposes and is not intended as trading advice. While we explore potential scenarios, including the possibility of Bitcoin heading down to $30,000 or even $25,000, these claims are speculative and should be considered hypothetical. The Wyckoff Distribution Model: A Roadmap for Market Tops The Wyckoff Distribution model offers a comprehensive framework for understanding how major market players distribute their holdings before a significant downturn. It is divided into several phases: Phase A: The market begins to show preliminary signs of selling pressure after an extended uptrend. This is the first hint that the balance of power is shifting from buyers to sellers. Phase B: The market enters a consolidation phase, moving sideways as large investors gradually distribute their positions. Phase C: A deceptive breakout, known as the Upthrust After Distribution (UTAD), occurs here, often trapping unsuspecting retail traders. Phase D: The onset of a decline, marked by clear Signs of Weakness (SOW), indicates that the distribution phase is nearing its end. Phase E: The final phase, where the market confirms the distribution and continues to fall, marking the completion of the process. Breaking Down Bitcoin's Key Price Points Let's take a closer look at the crucial price points that have defined Bitcoin's current structure within the Wyckoff Distribution model: Buying Climax (BC) - $73,660 This is the pinnacle of buying activity, where demand reaches its peak before supply starts to dominate. For Bitcoin, this level marked the highest point in the current cycle before a significant sell-off began. Automatic Reaction (AR) - $60,795 Following the Buying Climax, the market experienced an Automatic Reaction—a sharp drop as sellers stepped in. This level is critical as it signifies the start of the distribution process. Upthrust (UT) - $71,180 The Upthrust represents a rally that tests the resistance near the Buying Climax. However, it fails to sustain those levels, hinting that the market's upward momentum is weakening. Upthrust After Distribution (UTAD) - $71,680 The UTAD often serves as a bull trap, where the price makes a final push above the resistance only to quickly reverse. This move confirms that distribution is taking place. Sign of Weakness (SOW) - $54,344 After the UTAD, the market drops significantly, signaling a clear Sign of Weakness. This level demonstrates that sellers are gaining control, pushing the price to new lows. Last Point of Supply 1 (LPSY 1) - $70,040 The first Last Point of Supply (LPSY 1) is a weaker rally that fails to reach previous highs. This is a key indicator that the market's bullish momentum is fading, and distribution is nearing completion. Last Point of Supply 2 (LPSY 2) - $65,105 Currently, Bitcoin is in Phase E, at the LPSY 2 point. This level is crucial as it typically marks the final confirmation of distribution before a sustained downtrend. Navigating Phase E: The Final Act of Distribution As Bitcoin navigates through Phase E, the LPSY 2 level becomes a focal point. This phase is characterized by further price declines as the market confirms the distribution. Here’s what to watch for: Lower Highs and Lower Lows: Expect the price to continue forming lower highs and lower lows, reinforcing the bearish trend. Volume Patterns: During this phase, volume analysis becomes critical. Look for decreasing volume on upswings and increasing volume on downswings, which confirms the presence of distribution. Final Thoughts The Wyckoff Distribution model provides a structured way to understand how markets transition from bullish to bearish trends. With Bitcoin currently exhibiting a Rounded Top structure and sitting at LPSY 2 in Phase E, the evidence suggests that we may be on the cusp of further declines. By staying vigilant and analyzing key price levels and volume patterns, traders can better position themselves to navigate this challenging market environment. In this complex market phase, understanding the underlying forces at play can be the difference between protecting your capital and being caught off guard by the next big move. Stay tuned for more!
INDEX:BTCUSDEducation
by ArShevelev
5
"Powell and Trump's Pump" & New Study Showing BTC Fractal TargetWe had a nice pump in the markets today, stemming from J Powell's comments from Jackson Hole signalling not only one rate cut coming in September, but likely multiple (not priced in). RFK also kinda sorta endorsed trump but still kept the Hail Mary option open for him to still get elected (Don't hold your breath, although I'd love to see that. RFK had a great speech at Bitcion 2024 and is a good man, but doesn't have the votes). Markets reacted positively and some are boldly saying 'The Bull Run is Back'. 🚀 We shall see. Students of Hurst's Market Cycles will also note that this week (tomorrow the 24th preciely) should be the weekly cycle low, so that could also be a contributing factor. In this video, I briefly review the NASDAQ:IBIT chart showing one open unfilled gap lower (this can take awhile and so this is still on the table) as well as the new BTC fractal study I mentioned. (But I forgot to share the DXY chart showing that we're testing the important 101 level, which is looking like it's going to cut right through it like a hot knife through buttah). Most interesting... Check out this fractal overlay I pulled from earlier in the year, showing the possible path of Bitcoin higher, and that almost exacly lines up with current / previous trendline S&R as well as my Fibonacci price target of $150, which you can review in some of my other posts here... Finally seems like we'll have the wind at our back soon. While this was a nice breeze, I'm going to remain cautious and wait for confirmations higher to go 'all in'. For me, that's seeing confirmed closing price action above $74k. See the video for some specific / excact entries. If you'd like me to cover anything in future videos, leave a comment below. Thanks again to the TradingView team for choosing my last video as 'Editors Pick' today! 🚀🚀 Keep up the good work guys!
CRYPTOCAP:TOTAL3Long
by BrettFogle
2
New IBIT Downside Gap To Fill Signaling Bitcoin RetracementWe have been following the BlackRock NASDAQ:IBIT 1 Hour and 4 hour chart since it was released earlier this year, and noticing that... Like the CME chart gaps, the IBIT chart gaps also similarly seem to fill. EVERY ONE SO FAR. So I'm now eyeing this lower gap to fill, and since the IBIT tends to be a leading signal to Bitcoin price, I'm expecting Bitcoin to drift lower to re-test recent lows before heading higher again.
NASDAQ:IBITShort
by BrettFogle
BTCUSD SHOWING A GOOD DOWN MOVE WITH 1:10 RISK REWARDBTCUSD SHOWING A GOOD DOWN MOVE WITH 1:10 RISK REWARD DUE TO THESE REASON A. its following a rectangle pattern that stocked the market which preventing the market to move any one direction now it trying to break the strong resistant lable B. after the break of this rectangle it will boost the market potential for break C. also its resisting from a strong neckline the neckline also got weeker ald the price is ready to break in the outer region all of these reason are indicating the same thing its ready for breakout BREAKOUT trading are follws good risk reward please dont use more than one percentage of your capitalfollow risk reward and tradeing rules that will help you to to become a bettertrader thank you
CRYPTO:BTCUSDShort
by tradergyan01
Bitcoin 4hr Setup Bitcoin is currently experiencing a pullback, having dropped 2,000 pips over the past seven days. Several key factors are converging around the $60,000 level, making it a critical area of interest. These factors include the psychological round number of $60,000, previous market structure, the 0.5 Fibonacci retracement level, and the presence of both an upward and a downward trend line intersecting near this price. Additionally, there's a notable rejection point in this vicinity. Given these confluences, I anticipate a reaction around this level, potentially leading to further downward movement. Bitcoin Daily Chart Bitcoin is showing several confluences on the daily chart around the $60,000 level. After a 1,000-pip rally without any significant pullback, a retracement seems likely, as the price may need to dip before resuming its upward momentum. This time, I anticipate that Bitcoin might close below the 200-day moving average during the pullback. However, once it completes this downward move, I expect the price to eventually close above the 200-day moving average and begin a climb toward the top of the current channel.
BITSTAMP:BTCUSDShort
by ChartStrategist
Is Bitcoin ($BTC) heading toward a -50% correction Armageddon?Is Bitcoin ( CRYPTOCAP:BTC ) heading toward a -50% correction Armageddon? That is what the weekly chart seems to suggest. I hate to be the pessimistic guy, but you don't need to be a trading and charting expert to see the similarities between 2021 and 2024. What could trigger this massive correction is the incredible pump that the ETF has created. Imagine, for the first time in its history, Bitcoin has reached a new all-time high BEFORE the halving! That proves how much excitement and overheating the market experienced. Unfortunately, the stronger the pump is, the harder the correction will be. We can compare the 2021 chart on a weekly basis, and there are too many similarities for them to be coincidences. Because of the huge ETF pump, the MACD has gone ballistic, and now Bitcoin is way overbought. The main concern is that it is on the weekly chart, so resetting this indicator will take about 2-3 months, which gives a lot of time for the price to move down and up until we finally reach a reversal, likely after an estimated 50% dump. In this scenario, the bull run would have a double peak, like the one in 2021, with another bullish phase once the correction is finished, reaching the final goal of this bull run approximately at the end of 2024. The RSI and volume are also confirming this scenario. The EMAs are positioned at the same distance from the action price. This scenario is scary. We could see a -80% correction in altcoins. I hope to read your comments invalidating this idea, because if this happen, I am definitively going back to work at McDonald!
Short
by CryptoNikkoid
8