Btc Update
Hi everyone,
A few days ago, I shared my thoughts on BTC and outlined various scenarios I envisioned for the coming days. Based on the price action observed thus far, it appears that scenario A is emerging as the most likely outcome.
Similar to previous correction stages, we undergo a period of consolidation lasting a few weeks. This consolidation phase triggers fear among investors, prompting the last remaining laggards to sell off their positions. Subsequently, we break out of the downtrend channel, consolidate beneath the local resistance (around $62K), before ultimately breaking out to revisit previous all-time highs.
Now, let me detail what I'm currently looking for:
The daily support level between $61,100 and $62,500 is critical, and our goal is for it to hold to validate the notion that the previous move below it was a divergence from the range $71,880 - $61,570.
Although there may be gaps and a slight potential for a dip below $61,100, it should be short-lived, resulting in only shadows or wicks. Ideally, we prefer it not to drop below $60,200 to $60,600, because this will brink the price close to breaking down and at this point the Bulls can't let price fall too much without a clear and immediate response to the upside.
No daily closes below $61,000 . Such closures would imply a pattern of lower highs following a lower low, hinting at the possibility of further downside movement, potentially towards $56,000 and then going to $52,000 as per my scenario B.
Of course, the dovish stance of Jerome Powell's interview after the FOMC meeting, coupled with the fact that the US economy added fewer jobs than expected, suggests that this will aid in keeping inflation under control. However, the addition of fewer jobs may not significantly impact the situation in reality. Nonetheless, it provided an opportunity for some traders and speculators to buy in, as they speculate that if inflation remains subdued, the Fed might consider lowering interest rates.
So guys how do you feel for the short term?
$LEOPOLL
Posted Using InLeo Alpha
Posted Using InLeo Alpha
Good to see scenario A is being played out, more like a relief that we found a local bottom and now have this relief rally.
that scenario B was scary one.
Yep, this one!
OI need to be wiped which could happen tomorrow on Monday opening and gbtc continue to dump..
And than pump again on Nvidia and apple earnings..
Let's see what's coming this time.
Yes i believe the first two days of the week will set the tone for what will happen
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The truth is, I also went for a scenario B the last time, but I wasn't surprised that it was scenario A that played out. Even though I'm still not sure what will happen in the next couple of weeks in the market, I'm very confident that BTC 100k looks possible.
Yeap this is what i believed too. But the next two days will show what will happen after the weekend
Can't wait to see what will happen in the next few days just hope it is green
Can't wait to see what will happen in the next few days just hope it is green
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In the two scenarios you mentioned, one thing is certain, the market will have to flush out the remaining weak hands for the market to finally propel i think. So let's see how it goes.