BTC retest to 54K is coming, BUT WE ARE NOT BOTTOMED OUT YET
1. Expect BTC to reverse and retest the median keltner channel, aprx. at 54K as we are on super oversold condition, way below for daily RSI at 37ish atm, and given the drop of the DXY index.
As a side note, we might see some price volatility at sunday but at least the start of next week we will try to close last friday cme gap at 49200
2.a. If we able to close the daily candle above 54k, a retest to the upmost of the keltner channel of 59k is expected
2.b. If we are rejected at 54k which is the most likely outcome, expect a huge downward pressure towards low 40-ish K which is very possible given the plethora of FUDs and brewing conflict in the middle-east
3.a. If BTC close daily candle above the upmost part of the keltner channel (around 59k), expect BTC to seek a new ath.
Also, if the hash ribbon indicator indicate the (blue blinks) buy signal then it's time to all in and expect the big parabolic move
3.b. the worst case scenario is where btc goes to 35k briefly as it will retest the 9 month moving average just like in the previous bullrun. This is where BTC is for sure, bottomed out and is the time to buy btc with your house
As a side note, we might see some price volatility at sunday but at least the start of next week we will try to close last friday cme gap at 49200
2.a. If we able to close the daily candle above 54k, a retest to the upmost of the keltner channel of 59k is expected
2.b. If we are rejected at 54k which is the most likely outcome, expect a huge downward pressure towards low 40-ish K which is very possible given the plethora of FUDs and brewing conflict in the middle-east
3.a. If BTC close daily candle above the upmost part of the keltner channel (around 59k), expect BTC to seek a new ath.
Also, if the hash ribbon indicator indicate the (blue blinks) buy signal then it's time to all in and expect the big parabolic move
3.b. the worst case scenario is where btc goes to 35k briefly as it will retest the 9 month moving average just like in the previous bullrun. This is where BTC is for sure, bottomed out and is the time to buy btc with your house
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.