🧿 A Lovely 🅱️bBtcChrt Wouldn't You Agree ? 🎱One Might Find
Themselves At A
Particularly Advantageous Time
To Buy Some
BTC At This
Point
Presently
Just A Thought
💜🔷Ⓜ️
BINANCE:BTCBUSD
Btcinvestments
BTC/USDT - Potential 31% setup - straight to the ATHHello Traders!
After exiting the consolidation range of $31000 - $40900, the uptrend extended.
A strong reaction from the seller at $52600 followed, after which the correction on BTC took place.
The correction had two stages: first was descending to support at $44200 with a rebound to $46800, and then descending to $40900, after which the uptrend continued.
It should be noted that the correction from $52600 to $40900 was accompanied by significant volume of sales, which indicates a massive fixation of positions by those participants, who bought near the level of $31000 in summer.
The asset was under the pressure of sellers, but the sales couldn't collapse the price. Limit buyers collected all the sales near the support level of $40900.
At the moment we see the continuation of upward movement with minimal corrections.
The liquidity buffer of purchases is between the levels of $46800 - $49700. The largest volume is placed in this range.
The liquidity buffer of sales is in the range of $57600 - $59600, from which the bearish trend began to strengthen in May.
We can't know the goals of the market makers, but we have an understanding that the big player needs to sell out its volume, which takes the price to the local peaks.
We can expect the situation similar to the November-December of 2020 to repeat. The price will be brought to the necessary values, and then the sell-off of the volume which was gained near the level of $31000 during the summer sales will start.
At this point, the best thing to do is to wait for the correction and consider purchases in the range of $46800-$49700.
It is advisable to place the stop under the support level of $44200.
The target for the continuation of the upward movement after the correction will be the ATN update near the price level of $63700
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
BTCUSD SentimentsThere has been such little selling that it almost makes it negligible. Long-term holders are already not selling as 10-year old supply just reached an ATH of 2.4 million BTC. And along with them, even the mid-term holders have stepped back when it comes to selling.
In fact, the buying trend is so strong that addresses with balance have reached a 4-month high, matching with May ATH levels. Thus, the wise thing to do right now is to buy Bitcoin ASAP.
The Relative Strength Index (RSI) is already in the bearish-neutral zone. This indicates that a price flip could be coming soon and buying now will result in strong profits later.
