BTC mid-term
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During the last month we have seen a bullish rally on BTC and by consecuence in all crypto market. However this rally doesnt feel right; there hasnt been almost any corrections.
In order to make a new ATH in BTC we need to see a correction minimun until the .38 Fibonacci level (42k - 43k).
In my opinion I think this is a bull trap, just like the previous years, we are very close to the 0.61 Fibonacci level (using the 64.5k to 30k) this is around 51k-52k. By Mid September we may see this correction or even the beginning of the crash.
Another point is that the DXY just make a perfect W pattern, at this time its making the retest, in the few days it may start pumping till the .38 Fibonacci level (94USD) and everything traded agains the USD will crash.
Besides the Delta variant is already here, we may return to April 2020
And also the problems in the middle east, may affect the USD.
There are a lot of things that we need to consider when making an analysis for the Mid-Long term.
In order to make a new ATH in BTC we need to see a correction minimun until the .38 Fibonacci level (42k - 43k).
In my opinion I think this is a bull trap, just like the previous years, we are very close to the 0.61 Fibonacci level (using the 64.5k to 30k) this is around 51k-52k. By Mid September we may see this correction or even the beginning of the crash.
Another point is that the DXY just make a perfect W pattern, at this time its making the retest, in the few days it may start pumping till the .38 Fibonacci level (94USD) and everything traded agains the USD will crash.
Besides the Delta variant is already here, we may return to April 2020
And also the problems in the middle east, may affect the USD.
There are a lot of things that we need to consider when making an analysis for the Mid-Long term.
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Well people, I hope all of you are doing ok.This analisis was almost 100% correct; i hope you have considered this analisis for your trading setup, im glad to help. :)
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