BTC/USD : Is there any chance of correction ? BITSTAMP:BTCUSD
Hello everyone 😃
Before we start to discuss, I'll be so glad if you share your opinion on this post's comment section and hit the like button if you enjoyed it !
There're plenty of important lines into weekly TF on $BTC's chart.
On this chart I wanted to share the lines that can makes $BTC's movement bullish or neither more bearish.
As you can see there's a S/R line located at $42000. Based on classical data we have, If we get any weekly close below this line ($42000); Then $BTC might head to the lower supports located near to $35650.
If $BTC lose the support there, Then the next stop will be near above on $28800. Which is protecting the bullish bias of current cycle.
🔴 In any terms of losing $28800's support; The next stop will be at $19900 bullish order-block and the S/R line Which is also covered the electricity cost of $BTC's mining.
In this scenario; I'll located my long-term buy zones on $19900 and $12000.
- You may as your self Why $35650 is the most important line between mentioned pivotal lines ?
Based on the chart above, You can see that $BTC's is moving into a bullish flag and as it's holding into it; It'll remains bullish.
Below $35000 and above $28800; It'll remains Neutral-Bullish, But Below $28800 there won't be any chance of surviving for current bull cycle.
- So There won't be any chance of new ATH till late 2022 ?
Actually there's also a bullish scenario for the continuation of current bull cycle; If bulls manages to pull the pair above $53000 and hold the price.
Then the targets will be $85000 and $113000.
📚 As always; The main problem of crypto currencies is about liquidity crisis, No-One want the massive crash after any major bull-run because of it.
If you don't know much about this threat, Then take a look on $GOLD's ATH peak on 1980.
There was the same mind with same percentage of local Illiquidity in markets; That 10 years bull-run and the crash after it because of fundamentally reasons and liquidity crisis makes $GOLD as an asset class !!
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Attention: this isn't financial advice we are just trying to help people on their own vision.
Have a good day!
@Helical_Trades
