BTCUSDT update : 6months range ? Are we OVER ?
Are we finally over these almost 7 months range ?
The post-halving situation is not super illiidc as we belived. But, if we analysised the last halving, we can find few similaity with the today situation. The 2020 halving started from an historical higher high price level, the movements were slower, and BTC undertook a lateral position before hit the post-halving target of 2021. Originally, these new movement of the post-halving event, were liked to the worldwide pandemic situation that led the price decreased before the bullrun. But honestly, I have to reconsider my theory. The capitalisation and price of bitcoin has reached historical maximum. We are in a situation never seen before, and guys, if your reading this, so you are passionate, fyi, we are in the 1% of population.
Reconnecting to the analysis.
GOOD JOB for the last target! We hitted the 50k white line which was highly POI and POL for several reason (I leave the link in description).
WHAT'S now ? Are we coming our for this endless range ?
My answer is YES!
We need more information and confirmation but here the actual situation of BTCUSDT.
The 50K target, pulled down by the hiìeat liquidation map price of 51K too, was taken on the first week of august. The strong rejection and absorption is a confirmation of our thesis: btc will go down to recover few liquidation zone left behind before hit the post-halving target.
The star/doji red candle in the week after, shows an high negotiation and barging power between buyer and sellers (not considering whales and insitutional injection).
As said in the previous analysis, this pattern could led us think of a BOS, but only if the graph would have overpassed the 50k target. Otherwise would have been just a liquidity recover. As it was.
Further confirmation of our thesis.
Right now, we see buyers in a stronger position than sellers. The price created a new lower low, below the last red candle,but stopped at a previous range of February 2024.
Buyers are stronger, as candle pattern clearly shows with strong and full bullish engulfings.
Last week was positive for whoever was on long position on BTC: the price created a new HH, upcoming the 65K local maximum.
Our new last take profit coincides with the last target of buy in weekly, necessary confirmation for a bullish movement.
I will still be waiting for the 73K level to be broke to be totally convinced of a long position for the long term as revelas pattern.
In the long term, I will keep an eye on the 42K level for short and 80K as TP1 for long term buy and holds.
In the short term, a full recover till 67K to break the range is likely, but I am also aware of a drawdow possibility before, which will consolidate the price. We have to be informed about whales and institutions transaction, visibile on the book order, and the liquidation heatmap for POI and liquidity pools.
In conclusion, the future increase of the price and volumes is right on the corner, the drawdown may happen around the range breakage (or BOS) and I belive in a future flag pattern to take the next targets, so I am more inclined to think of a new range creation than a strong leg for the 73K-80K target and a subsequent reabsorbation of the price back to 65K.
The post-halving situation is not super illiidc as we belived. But, if we analysised the last halving, we can find few similaity with the today situation. The 2020 halving started from an historical higher high price level, the movements were slower, and BTC undertook a lateral position before hit the post-halving target of 2021. Originally, these new movement of the post-halving event, were liked to the worldwide pandemic situation that led the price decreased before the bullrun. But honestly, I have to reconsider my theory. The capitalisation and price of bitcoin has reached historical maximum. We are in a situation never seen before, and guys, if your reading this, so you are passionate, fyi, we are in the 1% of population.
Reconnecting to the analysis.
GOOD JOB for the last target! We hitted the 50k white line which was highly POI and POL for several reason (I leave the link in description).
WHAT'S now ? Are we coming our for this endless range ?
My answer is YES!
We need more information and confirmation but here the actual situation of BTCUSDT.
The 50K target, pulled down by the hiìeat liquidation map price of 51K too, was taken on the first week of august. The strong rejection and absorption is a confirmation of our thesis: btc will go down to recover few liquidation zone left behind before hit the post-halving target.
The star/doji red candle in the week after, shows an high negotiation and barging power between buyer and sellers (not considering whales and insitutional injection).
As said in the previous analysis, this pattern could led us think of a BOS, but only if the graph would have overpassed the 50k target. Otherwise would have been just a liquidity recover. As it was.
Further confirmation of our thesis.
Right now, we see buyers in a stronger position than sellers. The price created a new lower low, below the last red candle,but stopped at a previous range of February 2024.
Buyers are stronger, as candle pattern clearly shows with strong and full bullish engulfings.
Last week was positive for whoever was on long position on BTC: the price created a new HH, upcoming the 65K local maximum.
Our new last take profit coincides with the last target of buy in weekly, necessary confirmation for a bullish movement.
I will still be waiting for the 73K level to be broke to be totally convinced of a long position for the long term as revelas pattern.
In the long term, I will keep an eye on the 42K level for short and 80K as TP1 for long term buy and holds.
In the short term, a full recover till 67K to break the range is likely, but I am also aware of a drawdow possibility before, which will consolidate the price. We have to be informed about whales and institutions transaction, visibile on the book order, and the liquidation heatmap for POI and liquidity pools.
In conclusion, the future increase of the price and volumes is right on the corner, the drawdown may happen around the range breakage (or BOS) and I belive in a future flag pattern to take the next targets, so I am more inclined to think of a new range creation than a strong leg for the 73K-80K target and a subsequent reabsorbation of the price back to 65K.
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