BTC - Important area?
BTC started the bull run on July 21. Where its first (A) uptrend + retracement lasted around 70 days. Then continued for a (B) second leg that endured almost the same as the first movement, achieving less % in gain but reaching new ATH.
There are some nice patterns/manipulations/smart money that we can see here.
Checking BTC last year (Dec 16, 2020) it took 3 full movements in order to reach its all-time high (14 Apr 21). Checking these 3 (retracement included) We can notice that each one lasted around 30~40 days and all of the respective retracements behaved properly when reaching GP. Meaning that there was no break from the daily GP. Also, price action respected the 50 MA (Pay attention to this lovely MA).
Analyzing each movement+retracement since July 21:
1. Until today, each movement has lasted almost 2 months
2. Respected GP
3. Both had broken 50 MA
4. We have that white line (channel?) which price almost touched
5. Important, GP area from uptrend (21 July until highest) it's same as macro downtrend (14 Apr until 20 July )
The nice thing to see here is that. If we take into account the time and past. We might be seeing the price already testing the END of a full movement. Meaning that smart money will test supply (driving price down) and continue for the third leg.
Also, a nice thing to notice is that, if we overlap the Fibonacci from movement (A) + (B) we will get the ATH zone for the third full movement (C).
Price right now is in a delicate area but with a lot of indicators that BTC might still have some air to keep going up.
Check out the Weekly chart and you will see how BTC respects the 50 MA. Meaning that the price might test GP (21 Jul- 8 Nov) and even break it and then go to the 50 MA reaching 47k and it will scare people. BUT EVEN reaching these prices BTC looks nice.
By the time of writing this. We already have 3 weeks in the red. Maybe will have one more to test supply and get some liquidity and then...... let's check this new ATH in mid-January.BTC started the bull run on July 21. Where its first (A) uptrend + retracement lasted around 70 days. Then continued for a (B) second leg that endured almost the same as the first movement, achieving less % in gain but reaching new ATH.
RED AREA - Daily GP + support test. Even doing this in weekly still looks Bullish when reaching it.
Will I put a trade? Yes. Also, have some expectations of the price testing 47k~45k before going up.
There are some nice patterns/manipulations/smart money that we can see here.
Checking BTC last year (Dec 16, 2020) it took 3 full movements in order to reach its all-time high (14 Apr 21). Checking these 3 (retracement included) We can notice that each one lasted around 30~40 days and all of the respective retracements behaved properly when reaching GP. Meaning that there was no break from the daily GP. Also, price action respected the 50 MA (Pay attention to this lovely MA).
Analyzing each movement+retracement since July 21:
1. Until today, each movement has lasted almost 2 months
2. Respected GP
3. Both had broken 50 MA
4. We have that white line (channel?) which price almost touched
5. Important, GP area from uptrend (21 July until highest) it's same as macro downtrend (14 Apr until 20 July )
The nice thing to see here is that. If we take into account the time and past. We might be seeing the price already testing the END of a full movement. Meaning that smart money will test supply (driving price down) and continue for the third leg.
Also, a nice thing to notice is that, if we overlap the Fibonacci from movement (A) + (B) we will get the ATH zone for the third full movement (C).
Price right now is in a delicate area but with a lot of indicators that BTC might still have some air to keep going up.
Check out the Weekly chart and you will see how BTC respects the 50 MA. Meaning that the price might test GP (21 Jul- 8 Nov) and even break it and then go to the 50 MA reaching 47k and it will scare people. BUT EVEN reaching these prices BTC looks nice.
By the time of writing this. We already have 3 weeks in the red. Maybe will have one more to test supply and get some liquidity and then...... let's check this new ATH in mid-January.BTC started the bull run on July 21. Where its first (A) uptrend + retracement lasted around 70 days. Then continued for a (B) second leg that endured almost the same as the first movement, achieving less % in gain but reaching new ATH.
RED AREA - Daily GP + support test. Even doing this in weekly still looks Bullish when reaching it.
Will I put a trade? Yes. Also, have some expectations of the price testing 47k~45k before going up.
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