Daily chart for BTCUSDT
(First of all, this is my own view, that is, it is not a recommendation or advice to buy or sell.)
My way of dealing with Bitcoin lately is that I deal with it in stages, once I look at the next stage, and each stage has places of failure and confirmation.
For me, Bitcoin still targets higher areas, unless it breaks 26942.82, it fails and then forms a descending wave targeting as shown and the extension is confirmed by breaking through its current high.
Let's discuss the next step away whether the price of Bitcoin extends or not.
Is Bitcoin still targeting falling price zones?
-Yes, it still is.
Is Bitcoin currently in the lows of new highs?
-Yes, although I would rule it out very much.
That's why I said earlier that I deal with Bitcoin in stages and don't skip it until it's confirmed to the other stage.
However, Bitcoin is an outright correction both now and if the price is extended.
After an explicit correction, there may be a good period for speculation to take advantage of the rebound.
When we are sure that the retracement is speculative rally and not a continuation of the bullish wave, simply if breaking the specified areas, it is enough to continue to the next.
(Now we return to explain the chart.)
If the 25k areas are maintained, it may be positive for Bitcoin, which may continue to target higher numbers than before.
If we break it, we'll see the 20k area and then we'll see a beautiful bounce to complete the station to the more important numbers 16k areas, as shown in the chart.
The question now is, Will Bitcoin suffice at this place, or will it still fall to the next area? Although I am a supporter of the big relegation to the 9k zones, it is very possible that he formed a bottom to complete the ascent for the next bull run, but we do not deal with emotion whether he will be satisfied or not! We see that as soon as Price Action appears clear and explicit in that area and we see the factors surrounding him having had enough of landing, then we continue to ride the bullish wave with him. However, in such areas, emotion prevails over the trader, so care must be taken.
On the chart, it is clear that if the 16k area is not respected, it will fall to 9k, but there are areas that precede it, so it may be enough for any one.
Good Luck^
(First of all, this is my own view, that is, it is not a recommendation or advice to buy or sell.)
My way of dealing with Bitcoin lately is that I deal with it in stages, once I look at the next stage, and each stage has places of failure and confirmation.
For me, Bitcoin still targets higher areas, unless it breaks 26942.82, it fails and then forms a descending wave targeting as shown and the extension is confirmed by breaking through its current high.
Let's discuss the next step away whether the price of Bitcoin extends or not.
Is Bitcoin still targeting falling price zones?
-Yes, it still is.
Is Bitcoin currently in the lows of new highs?
-Yes, although I would rule it out very much.
That's why I said earlier that I deal with Bitcoin in stages and don't skip it until it's confirmed to the other stage.
However, Bitcoin is an outright correction both now and if the price is extended.
After an explicit correction, there may be a good period for speculation to take advantage of the rebound.
When we are sure that the retracement is speculative rally and not a continuation of the bullish wave, simply if breaking the specified areas, it is enough to continue to the next.
(Now we return to explain the chart.)
If the 25k areas are maintained, it may be positive for Bitcoin, which may continue to target higher numbers than before.
If we break it, we'll see the 20k area and then we'll see a beautiful bounce to complete the station to the more important numbers 16k areas, as shown in the chart.
The question now is, Will Bitcoin suffice at this place, or will it still fall to the next area? Although I am a supporter of the big relegation to the 9k zones, it is very possible that he formed a bottom to complete the ascent for the next bull run, but we do not deal with emotion whether he will be satisfied or not! We see that as soon as Price Action appears clear and explicit in that area and we see the factors surrounding him having had enough of landing, then we continue to ride the bullish wave with him. However, in such areas, emotion prevails over the trader, so care must be taken.
On the chart, it is clear that if the 16k area is not respected, it will fall to 9k, but there are areas that precede it, so it may be enough for any one.
Good Luck^
