Bitcoin Outlook
The first picture shows Bitcoin on the weekly timeframe. I conducted a full analysis of Bitcoin back on 20.07.2024. Be sure to watch it for a deeper understanding of the potential upcoming moves.
Summary:
• We have two scenarios. So far, the first scenario is unfolding as predicted in the video.
• On the weekly TF, as long as we are below the 78.6% Fibo (yellow rectangle), there’s a higher probability of the price moving down to the 46,000 to 48,500 area.
• If the price breaks above the yellow area on the weekly TF, the probability shifts towards an upward move.
The second picture shows BTC on the daily timeframe. Currently, the price is at a strong resistance and support area, retesting the last higher low (HL).
• If the price breaks below this point, I expect a retest followed by a downward move (scenario #1 from the weekly TF).
• If the price holds above the grey zone, we might see an equal higher high or a new higher high.
1. Personally, I don’t trade Bitcoin, but I use its chart along with the total market cap to understand the bigger picture in the crypto market.
2. Be extremely careful when trading forex or crypto. Stick to your risk management plan no matter what. Remember, your #1 goal is not to lose money, and your #2 goal is to make money.
— Eltaajir
Summary:
• We have two scenarios. So far, the first scenario is unfolding as predicted in the video.
• On the weekly TF, as long as we are below the 78.6% Fibo (yellow rectangle), there’s a higher probability of the price moving down to the 46,000 to 48,500 area.
• If the price breaks above the yellow area on the weekly TF, the probability shifts towards an upward move.
The second picture shows BTC on the daily timeframe. Currently, the price is at a strong resistance and support area, retesting the last higher low (HL).
• If the price breaks below this point, I expect a retest followed by a downward move (scenario #1 from the weekly TF).
• If the price holds above the grey zone, we might see an equal higher high or a new higher high.
1. Personally, I don’t trade Bitcoin, but I use its chart along with the total market cap to understand the bigger picture in the crypto market.
2. Be extremely careful when trading forex or crypto. Stick to your risk management plan no matter what. Remember, your #1 goal is not to lose money, and your #2 goal is to make money.
— Eltaajir
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