BTC/USDT : Should we buy #BTC now ?
BTCUSDTHello everyone 😃
Before we start to discuss, I would be glad if your share your opinion on this post and hit the like button if you enjoyed it !
On our recent analysis, We tried to find a logical path for #BTC to move on, But it's kinda invalidated now ( Not really ).
So we'll try to have another side of vision on it. We'll try to find a direction for #BTC based on LTF patterns and HTF FIB's movement.
Before diving in the article, Please don't listen to the old sayings like "buy the rumor, sell the news" These are weak bears ( I'm a bear neither, But it's not the right time to manipulate the market ).
Now let's head up to the article 😉👇🏼
#BTC has formed a rising wedge in 4Hours time-frame and now, The current candle is retesting the last broken higher trendline.
However there's another trendline and confirmed the bearish formation again, But it needs to workout before any judgement !
Also RSI is on a huge divergence here, So technically bears have the upper hand and the movement needs to cool off a bit.
But as #BTC stands in the pattern, There won't be any confirmation for #BTC to lead the market for a dive one more time again.
So, We'll wait for the breakdown or breakout 👇🏼
📊 If #BTC breakdown below the rising wedge, Then it'll retest the lower support lines based on FIB's retracement.
- Based on FIB retracement's levels the major level to retest is the 54K's support zone !
📊 If #BTC breakout above the rising wedge, Then it'll reach the new highs and we'll face another bounce on the market.
- Based on FIB extension's levels the major level to reach is 74K. ( There are some difference in targets )
📌 Now the question is, What will happen after the breakout ?
Let's zoom out a bit to daily time-frame and see what do we have there 👇🏼
#BTC has reached the trendline's high and the ATH's resistance on daily time-frame, However it just engulfed the recent master candle and take hold above the 59K-61K'S resistance.
If we put a FIB retracement on the beginning of the new bull cycle and the set the other on the 1st FIB extension's target ( 1D recent extension ); We'll see that the return levels are matched very well !
So based on FIB's logic, We can call it that find the possible new high before it forms ( have to mention that we'll face a stop-hunt above ).
📊 If #BTC follows the possible track, Then we'll extend our target to 100K ! So this will be very important for bulls to show weakness on the 1st near targets above the current ATH.
- Remember, Every movement have the retracement, Also it works better on the high cap pairs ! We saw the 30K retracement on #BTC and retest the 50% FIB's level earlier !
📌 You'll ask yourself that's right to believe in only one chart ?
So let's have another layout on weekly time-frame to confirm our theory 👇🏼
There are many factors in weekly chart that makes #BTC even more bullish !
- Inverse tweezers bottom has formed on the breaker zone.
- Three white soldiers has formed on the continuation of reversal pattern on the breaker zone.
- Weekly candle closed on the new high above the classic resistance line.
- There's another three white soldiers formed on 3D's chart too !
As you can see there are two bullish formation and the three white soldiers is working as a reversal pattern and a bullish continuation.
Also based on fractal, Last time we experienced the three white soldiers, #BTC surged more than 33% !
Which means that the formation's target will be the 1st target zone mentioned on chart...
📚 What's target zones ?
Now we know that #BTC is bullish on multiple time-frames, We need to look for every chance to buy near 53K; and look for the nearest target to put some out of our bags and trade them on mid-term periods.
Target zones are the gaps between 2021 bull-run's FIB extension targets with October pump's FIB extension targets.
- The light blue lines are for 2021's bull-run and the blue lines are for October's pump !
📑 Conclusion :
- Every dip around 50K now is a chance to load your bags ( It won't harm your portfolio ).
- #BTC is still bullish on most of time-frames and ETF won't dump #BTC for now.
- On-Chain DATA is suggesting a cool off on leverages and so it can be ring-bell for you to focus on the dips.
- There's a high chance for #BTC to break above the ATH, But it needs to retrace as well.
Hope you enjoyed the content I created, You can support us with your likes and comments !
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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