Bitcoin (BTC): Dropped 14-15% from ATH(Possible Support Re-Test)
Bitcoin is showing some signs of weakness where last week we had a full dominance of sellers taking over the ATHs zoen and price dumped around 14-15% since then.
The upcoming weekly candle will be an important one as we will see who will manage to maintain this zone, whether sellers will secure this zone and lead the price back to the local support zone (which would be an ideal zone to buy everything) or buyers will try to take back the dominance and lead the price back to ATH before the end of 2024.
We are looking more for that first scenario!!
Swallow Team
The upcoming weekly candle will be an important one as we will see who will manage to maintain this zone, whether sellers will secure this zone and lead the price back to the local support zone (which would be an ideal zone to buy everything) or buyers will try to take back the dominance and lead the price back to ATH before the end of 2024.
We are looking more for that first scenario!!
Swallow Team
Note
On a daily timeframe we are waiting for that waiting zone to be broken fully and secured by sellers, where as of now we have been just testing the grounds there.
As soon as we see the break of this zone, we will be looking for a further movement to the final correctional movement.
This would be the most ideal setup and if we reach the lower zones near 200EMA, this would be 100% zone where we would buy everything on the way!!!
Note
After catching 14-15% of market price movement last week, we had since then made a successful re-test of that local resistance zone, and above that, we formed so far some kind of fakeout move (resulting in an ATH).
We are now looking for a possible break of previous low zones, which would send price back to even lover zones, so we wait!!
Note
Bitcoin is re-testing a local resistance that has been tested multiple times and broken one time as well, where we formed a smaller fakeout zone.
Now that price has had a proper correctional movement, taking out a lot of liquidity on the market, price is testing once again the $100,000 zone, which means we might see some sharp and major moves happening very soon (considering the fact that year is about to end and we are near the major zone).
We have 3 ways to go from here; which one do you think we will be heading towards?
Plan A: Straight Break of Resistance / Re-Test of ATH
Plan B: Re-Test of 200EMA / Break of Resistance / Re-Test of ATH
Plan C: Sellers Take Over And Push Price Back Below 200EMA
🚨 Authentic Mentoring
⚡️ Short-Term + Mid-Term Trades
Join our amazing team and be part of something bigger.
FREE: t.me/+fiEDSn7M9pJkODA0
⚡️ Short-Term + Mid-Term Trades
Join our amazing team and be part of something bigger.
FREE: t.me/+fiEDSn7M9pJkODA0
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.