Bitcoin BTC price analysis. "Deja vu" from 2018, is it possible?
Updated
Standard procedure: wake up and look at the BTCUSDT chart
But today, after seeing what I saw, the thought of "Deja Vu" is in my head
Indeed, a similar situation already occurred in May 2018, from where we copied the fractal and placed it on the current price situation.
The Triple Top pattern is probably forming now, as all the necessary conditions are currently being met:
1. The largest trading volumes are at the first top, then trading volumes decrease despite the price increase.
2. The second top is the lowest of the three to confuse market participants.
3. At the third top, a "false breakout" occurred to knock out stop orders of shorts that were hiding behind the previous highs.
4. The final confirmation of the pattern will be when the price consolidates below the base, below $26630.
If this pattern will be confirmed, the 1st target is $24600-25000. In this price zone, it will be necessary to "look around" to decide where to go next.
However, the fractal from 2018 suggests that the BTCUSD price may fall as low as $20300.
This may be a coincidence, but the BTC price has to reach this level to fill the GAP that has formed on the CME chart.
Well, we have shared our thoughts and are ready for a constructive discussion in the comments.
And if you are interested in how this idea will work out, please like the article below so that you don't lose it and subscribe to us)
But today, after seeing what I saw, the thought of "Deja Vu" is in my head
Indeed, a similar situation already occurred in May 2018, from where we copied the fractal and placed it on the current price situation.
The Triple Top pattern is probably forming now, as all the necessary conditions are currently being met:
1. The largest trading volumes are at the first top, then trading volumes decrease despite the price increase.
2. The second top is the lowest of the three to confuse market participants.
3. At the third top, a "false breakout" occurred to knock out stop orders of shorts that were hiding behind the previous highs.
4. The final confirmation of the pattern will be when the price consolidates below the base, below $26630.
If this pattern will be confirmed, the 1st target is $24600-25000. In this price zone, it will be necessary to "look around" to decide where to go next.
However, the fractal from 2018 suggests that the BTCUSD price may fall as low as $20300.
This may be a coincidence, but the BTC price has to reach this level to fill the GAP that has formed on the CME chart.
Well, we have shared our thoughts and are ready for a constructive discussion in the comments.
And if you are interested in how this idea will work out, please like the article below so that you don't lose it and subscribe to us)
Note
chart Bitcoin CME Futures and GAP on themNote
We would also like to remind you that the powerful "green" first quarter of 2023 is closing today, on March 31, 2023, and, accordingly, quarterly expirations will be held on this day. Who knows how much they will try to reduce the price to reduce losses from contract settlements.In general, the price of BTCUSDT looks very positive on the monthly timeframe
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🔥V-I-P cutt.ly/PwkLhT56
👍Daily bitcoin reviews here💲 cutt.ly/3wnaaG4s
🔵Telegram t.me/pstrade_eng
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