2 years of BITCOIN PA and the options we now have
Here you go, Just over 2 years of #Bitcoin and pointers to whats next.
We can all make Guesses and predictions about where BTC is going but at the end of the day, a Chart will NEVER Lie and shows the options available.
So, Here we are, Near Mid channel, Just above support. This line has held PA 4 times since Jan 2023 and failed Once only. And we are just above it again now, having bounced off it 3 weeks ago. Current Price at this support is around 58K usdt ( Grey Arrow)
Should that fail to hold, if we test it again, then we will likely Visit the Lower trendline of channel, currently around 50K - 53K usdt, depending on speed of Drop.
It is the upper Trendline that holds all the power.
It has rejected PA 5 times since September 2022 and acted as support only Twice. ( Thin Arrows)
This line of resistance si Strong and added to this we have the "Local~" range high that is also strong Resistance. This all adds up to a Ceiling of strong resistance that ends around 76K.
So where does this leave us ?
The Path of Least resistance is simply to continue in Range till we hit the lower trendline in Dec 2024 ( White Arrow) with a price around 54K. From there, a bounce higher is highly likely and the need to break through Strong resistance is eased by doing it in 2 separate Goes and could lead to a new ATH around March time ( assuming continued Trend speed Etc ). For me, this is becoming more likely now given world events.
Another possibility is that PA crashes down low in the near future, to around 48K, and hits Lower trendline. From there, we would have to see if the Bulls could keep PA on the line, which I am sure they would. From there, PA may range along lower trendline to recover confidence before pushing higher again.
And the last possibility is obviously that PA bounces from current Area and attempts to punch through the wall of resistance in one go and break over 76K and Holds it. Which it may struggle to do.
We shall find out soon enough.
So many charts pointed towards a New ATH a round Dec..that may have changed.
Time Will Tell
We can all make Guesses and predictions about where BTC is going but at the end of the day, a Chart will NEVER Lie and shows the options available.
So, Here we are, Near Mid channel, Just above support. This line has held PA 4 times since Jan 2023 and failed Once only. And we are just above it again now, having bounced off it 3 weeks ago. Current Price at this support is around 58K usdt ( Grey Arrow)
Should that fail to hold, if we test it again, then we will likely Visit the Lower trendline of channel, currently around 50K - 53K usdt, depending on speed of Drop.
It is the upper Trendline that holds all the power.
It has rejected PA 5 times since September 2022 and acted as support only Twice. ( Thin Arrows)
This line of resistance si Strong and added to this we have the "Local~" range high that is also strong Resistance. This all adds up to a Ceiling of strong resistance that ends around 76K.
So where does this leave us ?
The Path of Least resistance is simply to continue in Range till we hit the lower trendline in Dec 2024 ( White Arrow) with a price around 54K. From there, a bounce higher is highly likely and the need to break through Strong resistance is eased by doing it in 2 separate Goes and could lead to a new ATH around March time ( assuming continued Trend speed Etc ). For me, this is becoming more likely now given world events.
Another possibility is that PA crashes down low in the near future, to around 48K, and hits Lower trendline. From there, we would have to see if the Bulls could keep PA on the line, which I am sure they would. From there, PA may range along lower trendline to recover confidence before pushing higher again.
And the last possibility is obviously that PA bounces from current Area and attempts to punch through the wall of resistance in one go and break over 76K and Holds it. Which it may struggle to do.
We shall find out soon enough.
So many charts pointed towards a New ATH a round Dec..that may have changed.
Time Will Tell
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.