I think BTC has one more small push to the reversal zone around 41k. It could get there today or next days, but it will be very soon. Once it gets there, it will be ideal to enter short and wait for prices to reach the weekly demand zone in May.
Ideally May should be a local bottom for BTC, before it rallies to the 50k levels to complete the B leg of the ABC correction.
Looking at the chart from November, you can see the price never left the main downtrending channel for long. It did once in November and a second time in April, both of which were deviations in my opinion.
Price reverse and strongly reacted to "the central point", the name which with which I call the zone between the 2 red lines, which played a key role over the last 6 months. This zone is the area where price reacted the most, so any breakouts of breakdowns around it are good entry points for trades.
The whole decision BTC is going to make will be visible soon
Ideally May should be a local bottom for BTC, before it rallies to the 50k levels to complete the B leg of the ABC correction.
Looking at the chart from November, you can see the price never left the main downtrending channel for long. It did once in November and a second time in April, both of which were deviations in my opinion.
Price reverse and strongly reacted to "the central point", the name which with which I call the zone between the 2 red lines, which played a key role over the last 6 months. This zone is the area where price reacted the most, so any breakouts of breakdowns around it are good entry points for trades.
The whole decision BTC is going to make will be visible soon
Note
here we go!Note
we will go up soon. 2-3 weeks then strong move up!
King
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King
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.