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#202432 - priceactiontds - weekly update - bitcoinGood Evening and I hope you are well. tl;dr I said that below 62300, it’s over for the bulls and also that the down move will probably be faster than the up move. Both happened this week and we will make new lows over the next weeks. As I’m writing this we are at 57817 and falling like a rock. Will look for shorts only from here on and any pullback will probably do. Will see 50000 very soon. Quote from last week: comment: Bull trend stalling and market went sideways for a week. Bulls want to touch the bear trend line around 71000 again and bears want to break the bull trend line and drop below 63000 again. Simple as that. Will buy on strong momentum up and only consider shorts once the bull trend line is broken. comment: Bull trend is done. I don’t think bitcoin will see 70k for a couple of years and we are heading for 50000 over the next days to weeks and then 40000 probably this year. Bulls have a small chance to find more buyers at the previous bull trend line from 2023-10, when adjusted, could fit with the July lows but it’s not a great probability. For that they would need to stop the selling above 56000 and by this selling speed, we would get there by Tuesday/Wednesday. For now we have a very tight bear channel down, which indeed was stronger than the up move, so far. current market cycle: Trading range or very broad bear channel, since we are making lower highs and lower lows over the last 3 months. key levels: 53000-70000 bull case: Bulls touched 70000 and boi did those disappointed bulls use that price to sell out of their longs. Market never looked back since and we are 10000 points lower again. Only thing bulls can pray for now, is a higher low above 53000, to keep a trading range going but other than that, nothing. Personally I do think that was the dead cat bounce and below 50000 we will see some real pain for Bitcoin. If bulls manage to get above 66000 again, I was wrong and we move more sideways. Invalidation is below 53000. bear case: Market changed directions as quickly as on the way up. Bears are in control again and want to print 50000. If they do, I do believe we won’t get above 63000 on a pullback, due to many bulls having stops there and giving up. If bears fumble it again and let the bull gap down to 52000 stay open, we will continue the trading range inside the given key levels. Invalidation is above 66000. outlook last week: short term: neutral. My best guess is that market is not able to reach 70000 again and reverse over the next days. Obviously too early to talk about shorts but I have no interest in longs above 66000. → Last Sunday we traded around 68000 and now we are at 60350. The high was 70015. I was wrong about market won’t print 70000 but right about the reversal. I consider a 15 point miss in Bitcoin pretty amazing. short term: Market only knows one direction currently. The weekend selling was almost 5000 points so far. Any pullback will be good for me to load on shorts again. medium-long term: I have been writing about getting down to 50000 for many many weeks now and since we are only 3500 points above it, it’s time to review my medium-long term take. I do think we are doing a very similar thing to 2021. Market will probably touch the monthly 20ema at 46000 soon and then go for a dead cat bounce. I do not think market can do a higher high again. For me it’s lower highs from here on and highest I think it can get again is 65000 but I do think there is a good chance, 63000 may be all bulls can get again. If it trades strongly below 46000, probably 30000 soon after but let’s make 46000 first and then I reevaluate my take. Update: Above was written 3000 points above the recent low of 53500. Since market had it’s dead cat bounce, I consider the last bigger pullback to be done and we will get much lower lows over the next months and more shallow pullbacks. current swing trade: none chart update: Bull trend line is gone, added tight bear channel and adjusted the broken bull trend line from 2023-10 to be a potential support line next week.
CRYPTO:BTCUSDShort
by priceactiontds
Bitcoin can Go Up Temporary!!!==>>Short termBitcoin and other tokens faced a sharp drop in price following unfavorable US economic reports and the possibility of tension between Iran and Israel . Bitcoin fell below $60,000 for the first time in recent weeks. The publication of the US employment report and the increase in the unemployment rate to the highest level in the last 3 years have been the main factors of this fall in previous days. The withdrawal of capital from Bitcoin ETFs and failure to maintain key support zones also fueled this downward trend, and strong selling pressure in the market also provided the conditions for further price reduction. First of all, I must say that this analysis is short-term , and Bitcoin's trend can continue to be bearish if it does not stabilize above the 21_SMA(Weekly) . Bitcoin is currently moving in a Heavy Support zone($61,760-$58,400) . According to the theory of Elliott waves , it seems that a 5th downward wave has been completed and we should wait for corrective waves . Also, we can see Regular Divergence(RD+) between Consecutive Valleys . I expect Bitcoin to rise to at least $61,900 . Note: Because the tension in the Middle East is increasing, especially after 20:30 UTC, try to keep an eye on long positions and make sure not to forget capital management and Stop Loss(SL). Bitcoin Analyze (BTCUSDT), 15-minute time frame⏰. Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy; this is just my Idea, and I will gladly see your ideas in this post. Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Long
by pejman_zwin
14
Bitcoin Analysis==>>Fifth Attack to Resistance linesBitcoin is currently moving near important Resistance lines and a Potential Reversal Zone(PRZ) . This is the fifth time that Bitcoin has attacked important Resistance lines . I expect Bitcoin NOT to break the Resistance lines for the first time in the 5th attack . Also, we can see Regular Divergence(RD-) between Consecutive Peaks . Also, I expect that Bitcoin will at least fill the first CME Gap($68,700-$68,270) , and if the Uptrend line breaks, we can expect Bitcoin to go down to the Support line and possibly fill the second CME Gap($66,350-$65,835) as well. Bitcoin Analyze (BTCUSDT), 1-hour time frame⏰. Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy; this is just my Idea, and I will gladly see your ideas in this post. Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Short
by pejman_zwin
28
Next support levels and potential downward scenariosBitcoin has entered a critical phase after breaking the $63,500 support level, which could lead to significant changes in the price trend. Initial Support Level: The $63,500 level, which was considered an initial support floor, has been broken. This event indicates increased selling pressure and reduced investor confidence in the market. Secondary Support Level: The next support level is currently at $62,500. This level acts as a key point to prevent further price declines. If the price can stay above this level, there is a chance for a price rebound. Downward Scenarios: If the $62,500 level is also broken, there is a possibility of the price falling to the $60,000 or even $58,000 range. This decline would indicate more selling pressure and further reduction in investor confidence. In this case, the market will need stabilization and recovery of investor trust.
by MonoCoinSignal
Ethereum ETF Launch Causing Temporary Crypto Dump!Last week was the official launch of the long anticipated Ethereum spot ETF. Sadly, the markets dumped right after trading went life. We have seen the exact same thing happen earlier this year with the BTC spot ETF launch, where the ETF lost over 26% of its value in the first 7 trading days. The Ethereum ETF is currently trading at -12% after 7 trading days. Historically, great crypto news has ALWAYS caused some kind of dump. See the analysis below for reference: Although we're going down, I think it's a merely temporary dump. Like mentioned in my most recent BTC analysis, I think that the green area on the chart is the perfect area to start buying in again in the hopes of a turnaround in the ETF's trading direction. Share your thoughts on whether this analysis makes sense or not. Happy to hear what you think!
NASDAQ:ETHALong
by FieryTrading
2
What's next for BTC ? Two ScenariosScenario 1: If the current bearish correction ends at this support zone, the price will hold here. Further consolidation will occur for a couple of hours, followed by a slow bounce back. We might see minor resistance during this reversal, with the next target around 69K. Scenario 2: If the current support zone fails to hold, the next support is around the 63K zone. This is a stronger support compared to the current one and is likely to hold as the overall sentiment is bullish. We can expect the price to consolidate around this zone, then bounce back and consolidate around the 65K resistance, and finally hit the target of 69K. Feel free to share your thoughts and insights. Don't forget to like and follow us for more trading ideas and discussions. Best Regards, VectorAlgo
Long
by VectorAlgo
BTC - Last dip before new highs!Good news as price just took out the lows of the range and is back above the mid level ($63,000). This simply means that $74,000 is next and a breakout of the range is brewing. Now, after about 130 days of consolidation and a monthly close in the green just around the corner, it looks like strong positive price moves are coming. Weekly View: - Last week's close confirmed a new trend and will remain bullish as long as it stays above $60,827. - That said, dips are for buying between $62,750 - $64,596. Daily View - The $58.783 level is the one to watch. Price expansion after a close above it set the weekly trend and is now back above the mid ~$63,000 level. - Expect strong bids around those levels, especially with the weekly order block within the same price zone. - Simplifying. Bidding first support at $63k with a target at $72k seems the most obvious trade. Clear skies above 72k. I wouldn't bet on 74k to act as a strong resistance zone. Actions to take: We are back into btfd!
BITSTAMP:BTCUSDLong
by ZelfTrade
3
Bitcoin is Ready to Attack the Resistance Zone ==>>Short termBitcoin ended up filling both CME Gaps as I expected. Bitcoin is currently moving near the Support zone($65,500-$64,600) and seems to have succeeded in forming a Falling Wedge Pattern . I expect Bitcoin to attack the Resistance zone($67,540-$66,740) at least once and if this zone is broken, we should expect Bitcoin to reach $68,000 . Bitcoin Analyze (BTCUSDT), 15-minute time frame⏰. Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy; this is just my Idea, and I will gladly see your ideas in this post. Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Long
by pejman_zwin
24