Bitcoin (BTC): Looking For $70K (Correction) - Are We Crazy?

2 days ago

Now before we get into the details, bear in mind markets are in a mess, and we trade based on the current market structure.

Yes, we've been talking about this zone for quite some time and while it might not happen, we are still aiming to see a bigger drop, which realistically would reach at least $82-85K.

Why do we put $70 as our major target? Well, during those volatile times, there can happen huge wicks (like we had on ETH recently).

So, we are not yet ready to see a bullish movement for the coin and we are going to switch to a bullish view only once we see a proper breakout from current ATHs. Meanwhile, we are looking for a drop—markets are too weak, and the economy is in chaos...

Swallow Team

2 days ago

Note

On a 1D timeframe, we are seeing some kind of reversal currently, which might send the price to the 102K area, where we then should see a proper move to lower zones.

Now we are not going to rush blindly to short here but we are waiting for more confirmations, which would be either a proper rejection from 102K or a breakdown + re-test of the 92K zone.

After that, we will see a proper free fall below EMAs!

15 hours ago

Note

Buyers are currently dominating the bitcoin, where we are going for a break of EMAs currently.

Now with such a sharp start to the week, we might see a further push to as high as 105K, where we have put down 3 possible zones of rejections that we are going to keep an eye on.

Meanwhile, let's ride and push a little bit here; ideally, we should see 105K as mentioned, but zones like 102K and 99.5K should be monitored as well!