Bitcoin; Two Possible Outcomes - $80k or $18k? BTC New ATH Soon.
Hello Traders! CTDave here again with another daily price analysis chart of BTC.
Long Term Analysis:
We all know that many different things have been happening to Bitcoin and the whole economy in general. In this analysis I am going to explain why I think Bitcoin is going to go up to a new high rather than dumping.
If we take a look at the red lines, we can see that a Broadening Top has formed. If breakout goes to the bottom, then the next demand zone is at ~$18k. But if it goes down to the demand zone, we might see another broadening top arranged a little bit differently. Take a look at the screenshot below:
The orange line indicates the demand zone while the green line shows possible support for a new broadening top and the blue arrow shows the price movement. It is very likely the BTC might go down to the demand zone first because the 4-year cycle has ended.
The white arrow suggests a possible price movement with a small retracement to the $50k support/resistance area. The yellow arrows pointing at the volume show how in the past when the volume was very red, the price went up afterwards as is shown by the white arrow. So far, we have witnessed eight red weeks -- the worst in the BTC history. That is one of the reasons why BTC has the potential to go up. A look at the RSI indicator shows that Bitcoin is almost oversold.
Quick Overview:
Either BTC goes straight up to at least $80k with a minor retracement at ~$36k (see below; Short Term Analysis) or it goes down to the demand zone at $18k, modifying the broadening top, just before shooting back up at about 2023-2024 when the four-year cycle starts again.
Short-Term analysis:
The chart shows a breakout triangle forming and it has two outcomes shown by the red and green arrows.
Thanks for reading, have a great day!
As always, I encourage everyone to please like, comment, and share my ideas, and follow me for more of these posts to be kept updated. Happy trading! Thank you!
Note: I am not a financial advisor, please do not trade solely based on my trading decisions. Do your own research or consult a professional financial advisor before conducting a trade.
Long Term Analysis:
We all know that many different things have been happening to Bitcoin and the whole economy in general. In this analysis I am going to explain why I think Bitcoin is going to go up to a new high rather than dumping.
If we take a look at the red lines, we can see that a Broadening Top has formed. If breakout goes to the bottom, then the next demand zone is at ~$18k. But if it goes down to the demand zone, we might see another broadening top arranged a little bit differently. Take a look at the screenshot below:
The orange line indicates the demand zone while the green line shows possible support for a new broadening top and the blue arrow shows the price movement. It is very likely the BTC might go down to the demand zone first because the 4-year cycle has ended.
The white arrow suggests a possible price movement with a small retracement to the $50k support/resistance area. The yellow arrows pointing at the volume show how in the past when the volume was very red, the price went up afterwards as is shown by the white arrow. So far, we have witnessed eight red weeks -- the worst in the BTC history. That is one of the reasons why BTC has the potential to go up. A look at the RSI indicator shows that Bitcoin is almost oversold.
Quick Overview:
Either BTC goes straight up to at least $80k with a minor retracement at ~$36k (see below; Short Term Analysis) or it goes down to the demand zone at $18k, modifying the broadening top, just before shooting back up at about 2023-2024 when the four-year cycle starts again.
Short-Term analysis:
The chart shows a breakout triangle forming and it has two outcomes shown by the red and green arrows.
Thanks for reading, have a great day!
As always, I encourage everyone to please like, comment, and share my ideas, and follow me for more of these posts to be kept updated. Happy trading! Thank you!
Note: I am not a financial advisor, please do not trade solely based on my trading decisions. Do your own research or consult a professional financial advisor before conducting a trade.
