#BTCUSDT Is it possible to see a new ATH This Year?
Updated
It's very hard to make any bold statement about this question but I'll be sharing the info in the chart and let you decide.
A series of green candles are more likely than more red candles IMO.
Following are the reasons for my take:-
1. The .618 extension is holding quite nicely for the last few weeks as stated in my Marco TF Idea on BTC in April. (I will tag the link below this chart)
2. BTC has been showing signs of strength on multiple indicators on higher time frames as well as LTFs.
3. The pattern looks incomplete TBH, It needs to print triple top with a new ATH above 72k. (Debatable point I know)
4. We might see more choppy PA below the 0.618 extensions (taking the covid crash low as our starting point) which will eventually end up with a wick in HTFs.
5. BTC has never retraced to its previous ATH in a rally which means if that happens it will simply mean BTC has changed its trajectory with prolonged and elongated periods. For now, we need some green candles.
6. Close above the 32.8k level will trigger the rally. For the starter, it needs to break above the Blue MA. (Observe the circles) which is the 30.8k level.
Taking into account these points, there's a 65% possibility we will see a new ATH this year.
This is not financial advice. Just my take on the macrostructure of BTC.
This chart should not be taken as a reference to trade on leverage and short-term scalpings.
DYOR before taking any trade decisions.
INVALIDATION POINT:- A WEEKLY CLOSE BELOW $26,408 (Recent Low )
Let me know what you think in the comments section.
If you like these ideas do hit the like button and share your views in the comment section.
Thank you
#PEACE
A series of green candles are more likely than more red candles IMO.
Following are the reasons for my take:-
1. The .618 extension is holding quite nicely for the last few weeks as stated in my Marco TF Idea on BTC in April. (I will tag the link below this chart)
2. BTC has been showing signs of strength on multiple indicators on higher time frames as well as LTFs.
3. The pattern looks incomplete TBH, It needs to print triple top with a new ATH above 72k. (Debatable point I know)
4. We might see more choppy PA below the 0.618 extensions (taking the covid crash low as our starting point) which will eventually end up with a wick in HTFs.
5. BTC has never retraced to its previous ATH in a rally which means if that happens it will simply mean BTC has changed its trajectory with prolonged and elongated periods. For now, we need some green candles.
6. Close above the 32.8k level will trigger the rally. For the starter, it needs to break above the Blue MA. (Observe the circles) which is the 30.8k level.
Taking into account these points, there's a 65% possibility we will see a new ATH this year.
This is not financial advice. Just my take on the macrostructure of BTC.
This chart should not be taken as a reference to trade on leverage and short-term scalpings.
DYOR before taking any trade decisions.
INVALIDATION POINT:- A WEEKLY CLOSE BELOW $26,408 (Recent Low )
Let me know what you think in the comments section.
If you like these ideas do hit the like button and share your views in the comment section.
Thank you
#PEACE
Trade active
BTC hasn't been able to break above the 30.8k level yet. It needs to break that level as soon as possible.
If it doesn't we could see BTC plummeting below 26k.
I know things aren't looking good.
So we need to be very careful here. Better to stay away from leverage tradings.
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