After the recent 23% correction of BTC completing the Wave 4 of Impulse waves and pushing the price as low as 53.25k , BTC is ready to make new All Time Highs in its Last Impulse wave 5 of the current Bull Market. The trendline support on logarithmic chart, previous Wave 1 top + Local High and the 0.5 Fib level of the Impulse wave 3 managed to hold the prices up resulting in the bounce.
Even though, we have seen the bounce, when it comes to BTC, we have seen that we should always wait for the breakout. The trendline resistance and the supply zone shown in the chart below are the major resistance areas which will act as confirmation of Impulse wave 5 when broken. The key support levels are also mentioned in the picture.
53k is the Key area which needs to be held at all cost if BTC wants to continue its last Wave of impulse. Loosing this level can create panic selling so everyone needs to watch out for that and manage risks properly since the uncertainty in the market will remain until a proper breakout is not seen.
I am personally Bullish on BTC despite all the FUD in the market and I am positive that the market will complete its cycle.
Even though, we have seen the bounce, when it comes to BTC, we have seen that we should always wait for the breakout. The trendline resistance and the supply zone shown in the chart below are the major resistance areas which will act as confirmation of Impulse wave 5 when broken. The key support levels are also mentioned in the picture.
53k is the Key area which needs to be held at all cost if BTC wants to continue its last Wave of impulse. Loosing this level can create panic selling so everyone needs to watch out for that and manage risks properly since the uncertainty in the market will remain until a proper breakout is not seen.
I am personally Bullish on BTC despite all the FUD in the market and I am positive that the market will complete its cycle.
Trade closed manually
Trade closed manually when BTC broke 52.5k - 53. support since I mentioned in my analysis that breaking that breaking that level will cause swift dump
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.