Bitcoin outlook in the year 2023 (Weekly)The past few weeks have confirmed the channel trend Bitcoin is trading in. It is clearly outlined on the chart (grey channel).
We may get a bounce inside the channel where the area of support (whether weak or strong) is clearly marked as the grey bar. The lack of any bounce here would be a bad sign in the shorterm (weeks-months) for Bitcoin & presumably we could expect it to test the bottom of the trading channel.
Do you think BTC will enter the strong bounce area as identified on my chart?
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The previous, bullish, run to start 2023 was healthy. It appeared that there was lots of buying at the increased price levels (yellow-orange circle).
Allow me to speculate... BTC surging 40% caused many owners to take profits or cut losses. Was this the goal?
That is, was there an attempt to take people out of the market? Perhaps I have much cash to work with and expect BTC to go to/near/past previous highs at some point. It would thus be beneficial buy BTC at any level below the expected goal. The 40% surge got people selling, but some were buying & confidently it seemed.
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This will be very interesting to see playout. I do believe I covered all the possibilities, so use this chart as a reference, but not financial advice.
The only scenario not directly portrayed on the chart is a break (to the upside) out of the channel in the next 3-4 weeks--- Right where the green arrow touches the channel top. If this turned out to be the case we could expect the top of the channel to become the new support line with the white line around 26,000 USD being the new resistance. There is no such thing as precise resistances such as 26,580 USD for example, so when I say around 26,000 USD, I mean around. Got it?
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My final thoughts... I was skeptical of the run in January 2023 being genuine as BTC had only gone as low as 15-16,000 USD. Before every major bull run for Bitcoin we have seen it revisit lower levels. This may be where the big money comes in ($10,000-$12,000 in this cycle is possible). Plus, there is still plenty of drama to come as far as crypto regulations, supposed Binance scrutiny, and the FTX debacle.
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Disclaimer (not financial advice): I lean towards the side of BTC revisiting its highs (or passing) at least once more in its lifetime. It's dramatic-> , it's hopeless->, it's bought quietly by big money ->, it's hyped, -> it's new highs. Most times the little guys get screwed so be careful.
Rsistochastic
UNI looks ready to move upUNI vs. BTC is showing a divergence according to the MACD. The RSI Stochastic shows that it is undersold so *I* will be taking a long position.
*Disclaimer: This is not investment or trading advice. I am just reading the chart and I may be wrong. I disclaim all responsibility for any market losses or gains by any individual who trades/invests using this analysis.
BITCOIN ($BTC): SYMMETRICAL TRIANGLEHi Guys,
BTC's upward trend hasn't started yet and BTC remains in downtrend.
Currently, BTC is moving inside "Symmetrical Triangle". Generally, this patern is difficult to predict. But in most cases "Symmetrical Triangle" is continuation pattern.
RSI-Stoch also indicates, that the new uptrend hasn't started yet.
So, I likely expect next drop down to $3200 - $3000 zone.
Supports: $3600-$3500 & $3200-$3500.
Resistance: $4000-$4200 & $4500-$4600.
This bearish idea will be invalidated if BTC close above $4100 daily.
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#Stellar #XLM): It's time to retrace at around 1600sat!XML had been increasing for a long time. Now, it's time for retracement at around 1600sat.
Pullback to 1800sat before drop possible. TA invalid if XML close above 1800sat daily and the price increasing will continue.
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#BITCOIN #BTC): Stoch-RSI Bullish DivergenceThe Elliott's 5th-Wave seems to be done. So upward ABC Correnction could beg5th C already finished 5th-Elliott Wave and upward ABC-Correction could start. A-Wave could lead us to $4500 - $4600, corrective B-Wave to $4200 - $4100 and the last one impuls C-Wave could mark $5000.
Bullish Divergence + RSI-Stoch show to us that new trend is coming.
#BITCOIN (#BTC): 10K ... MARRY CHRISTMAS :-)Hi Guys,
watch out my "Christmas" Bitcoin prediction.
This TA is based on:
a) Bakkt launch - BTC must be more insteresting for investors = must be cheaper. $4800-$4500 looks like fair price range.
b) Global Upward Trend Support is near to us. I gues it will safe BTC from further drop down.
c) BTC has been moving inside Falling Wedge Reversal pattern for last few months.
Conclusion? Dump to $4800 & Pump to $10000.
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#NEM (#XEM): Another short-term opportunity to go LONG!My thoughts on XEM! Use tight stop loss, follow your money management a pay attention to BTC.
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Stellar Lumen (#XLM): Dump is followed by pump!Hi Guys,
This is my thoughts on #Stellar (#XLM). I can see opportunity to go long in short-term.
More details mentioned in TA.
BTW...pay attention to BTC, use stop loss and follow your money management!
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