2023 Q4 I look forward to seeing you, I'll save myself for you <3
The inefficiencies of the cryptomarket are both up and down, the market is cyclical and a good pullback would also be healthy.
BTC's weekly timeframe trend has not changed, we simply reached the low end of the price range. In my opinion, the structure is still naturally bullish.
In the short term I identify a small upward movement towards 36K, however the most prudent thing to do at this time is to trade short because the general trend is downward.
I see this possible move due to the break of resistance on the CCI, my idea suggests that if .23 Fibonacci is broken the price has a high probability of touching .38, that point is in the middle of the trend channel, so the target should adjust dynamically.
In case of breaking the 10-period EMA, I consider that the ideal long entry would be when the ADX turns, taking into account that the strongest resistance is at 40K "That is, that would be the first TP".
My theory is simple, every time the .23 Fibonacci zone is broken, there is a 60% chance of touching .38 and a 40% chance of touching .61
If on the weekly chart BTC closes below the 48K area, it is very likely that the price will stop at the 33K area. It would be a steep drop
I consider that a triangle is forming symmetrically enough to break in any direction, it is clear that there is good volume to continue rising, but I think that if the price wants to continue rising in a healthy way it would be best to correct, so my main projection is fall.
BINANCE:BTCUSD The 59K area has become a resistance with strong rejections, with the ADX below 23 and without good volume the most likely scenario is a retest and subsequent "fall".
A strong upward move is urgently needed to invalidate this pattern.
A rising wedge is forming; if it is respected, the result is predictable.