BTC/USDT Potential Reversal Areas, Game plan for next bull run
Most of the people who make technical analysis in Bitcoin expect 40k and above. Until 1 year ago, I was also waiting, but as the number of those waiting increased, I first tried swing short around 25k and then around 30k. Of course, these were stops taking risk and some profit. Now, there may be two scenarios above this 40k that everyone is waiting for. The first of these is an earlier reversal in order not to feed anyone swing shorts, or a reversal after stop hunts that extend to 50k and fuel short transactions. The part up to here is entirely related to my experience and may also include emotion.
What I will tell you next is all about technique and I write exactly what I see;
1- The POC of the outgoing distribution process in 2 phases after 2021 and the POC at the break of this range intersect (38 922). If BTC will move slightly higher, this may be the starting area of the correction. This correction could be just a mitigate move before the price moves higher, or it could be the start of a really deep correction.
2- Which levels are important when the correction starts; If you are investing with DCA (which makes sense), the green boxes below are suitable areas for buying with the DCA strategy.
3- If you think that there will be a new bottom (which may be), the price will bounce when it comes to the purchase levels I mentioned, I will update the chart according to the price structure there.
What I will tell you next is all about technique and I write exactly what I see;
1- The POC of the outgoing distribution process in 2 phases after 2021 and the POC at the break of this range intersect (38 922). If BTC will move slightly higher, this may be the starting area of the correction. This correction could be just a mitigate move before the price moves higher, or it could be the start of a really deep correction.
2- Which levels are important when the correction starts; If you are investing with DCA (which makes sense), the green boxes below are suitable areas for buying with the DCA strategy.
3- If you think that there will be a new bottom (which may be), the price will bounce when it comes to the purchase levels I mentioned, I will update the chart according to the price structure there.
Note
I am in a short position on this one, but it can easily stop since the POI was drawn according to the possibility of a major swing point. So I recommend you to draw a range to make sure you are in the range or out of slight deviations which could lead more powerful drop. Shortly, BTC can draw more range movements with the last manipulation surging easily to 48k. However, I expect to lose its major uptrend by losing its stability in this area. I am not able to update these charts as frequently as in my tweeter account. Good Luck
Note
The market structure break for the midterm price action provision is 40100-40200. Closings under these levels make valid the distribution. Until it happens, we are on the wagon. Wisely follow.
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