BTC/USDT : 60K must hold or either we'll retest 47K
BTCUSDTHello everyone 😃
Before we start to discuss, I would be glad if you share your opinion on this post's comment section and hit the like button if you enjoyed it !
#BTC is now moving at $60782.19 as we talking, It just broke below the rising wedge.
The target of the formed rising wedge is $49160; But firstly it needs to break below the 60K level !
Now as we are standing in a good spot to take LONG, I just managed to take a low risk LONG on $60500 - 61500 as entry and set SL on $59950 as a daily candle close below it.
If we lose this level then mostly we'll lose the bull-run till early February; So it's our bullish invalidation for now, And I won't change the bias till 47K's retest level !
📌 Similar structure with Local High on April 2021, Possibility to experience another huge market crash ?
As you can see there's a similar pattern formation with April's High,
- Both have similar rising wedge pattern.
- Both have the developed PO3
- On April, We lost the wedge and 60K as a drop confirmation !
📚 Also there are two other fractal based similarities on lower timeframes 👇🏼
- Similar PO3 development with April's 2021 :
As you can see the structure of the PO3s are the same but in different time-frames which is not important for us in big picture of fractal !
Based on the higher chart, We may face the drop after losing the 60K level and experience the repetition of April's high.
📍 But on other hand we have a positive fractal too 😉
- Similar Range development with September's 2021 :
On other hand, We have a bullish similar structure with our last beginning range, Which has lead #BTC to 74% surge to $69000.00 level.
According to the data, If #BTC holds 60K; Then we'll experience the same surge rate on the new cycle !
📑Conclusion :
BTC's structure is still remain bullish, So we'll act bullish as long as #BTC remains above 60K level.
Once we lose the 60K level, Then we'll might retest 47K or lower !
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Attention: this isn't financial advice we are just trying to help people on their own vision.
Have a good day!
Helical_Trades
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