BITCOIN UP back in the range 28-40/42k USD. Analysis and targets
Updated
Dear Friends,
A while ago I did an analysis on how quickly Bitcoin can recover from a decline. Over the last month, it was a day and a half at most! Looks like we do the same exercise here again only the range is now 28-40/42k
So Bitcoin has fallen to the support level of 28000 from before the big rise (28-64k). This is an exceptionally important level. If this level does not hold we are going to see irrevocably lower levels. Personally I don't believe it will. The bull cycle does not seem to me to be over for this year. It may be, but my opinion is that it is not.
These actions are all designed to help traders get rid of their coins and then eventually get them to buy again at higher levels (when it is supposedly safe). This is how the cycle of making money keeps spinning. Fear and greed, fomo and eventual losses. Unfortunately for many investors so but of course not for all. Even if a price drops you still have your Bitcoins in your wallet. Only if you sold them or are stopped out you may count the loss.
Don't get me wrong, stops are necessary but if you are not a daytrader you should only work with closing of the day candle stops otherwise you will be irrevocably whipsawed. The value of all assest rise or fall but you still own that asset. That is one thing to think about carefully.
If BTC can hold 28000 I see the following happening for now. Nothing spectacular but just back into the new range between 28 and 40/42k.
The support and resistance levels on the chart with the most important being 34093, 35296, 37059 and 40753.
Drop to below 28k = sell as we will soon have 25 and 20k in our sights.
Dear friends, please share your thoughts and idea's below. What do you think and why do you think it with or without a chart.
I wish you all good luck with trading!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
A while ago I did an analysis on how quickly Bitcoin can recover from a decline. Over the last month, it was a day and a half at most! Looks like we do the same exercise here again only the range is now 28-40/42k
So Bitcoin has fallen to the support level of 28000 from before the big rise (28-64k). This is an exceptionally important level. If this level does not hold we are going to see irrevocably lower levels. Personally I don't believe it will. The bull cycle does not seem to me to be over for this year. It may be, but my opinion is that it is not.
These actions are all designed to help traders get rid of their coins and then eventually get them to buy again at higher levels (when it is supposedly safe). This is how the cycle of making money keeps spinning. Fear and greed, fomo and eventual losses. Unfortunately for many investors so but of course not for all. Even if a price drops you still have your Bitcoins in your wallet. Only if you sold them or are stopped out you may count the loss.
Don't get me wrong, stops are necessary but if you are not a daytrader you should only work with closing of the day candle stops otherwise you will be irrevocably whipsawed. The value of all assest rise or fall but you still own that asset. That is one thing to think about carefully.
If BTC can hold 28000 I see the following happening for now. Nothing spectacular but just back into the new range between 28 and 40/42k.
The support and resistance levels on the chart with the most important being 34093, 35296, 37059 and 40753.
Drop to below 28k = sell as we will soon have 25 and 20k in our sights.
Dear friends, please share your thoughts and idea's below. What do you think and why do you think it with or without a chart.
I wish you all good luck with trading!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
Note
Dear friends. the 50% retracement level has already been met. Looks good but the danger is not over yet. We really should not go below the low anymore because then we will lose the last support. I also believe that it will not happen like that but anything is possible in crypto world. However, let's hope that prices can rise again and we can have a nice 2nd half of the year!Note
UpdateDear Friends,
Here is another update on Bitcoin,
We see that a trend channel has formed (orange) and also a bullish wedge. Depending on where the breakout is going to take place, the target is approximately top of the trend channel at 40500-41000 USD.
Important:
A drop with closing of the day below the orange trend channel is going to cause a price drop to at least USD 20000. Fortunately, it does not look like this is going to happen.
Every uptrend in the orange channel was preceded by a long tail candlestick like the one we have formed now. The volume is confirmation that it is valuable and valid. So the bottom seems to be set at 29000 the same support level as early 2021.
Good luck with trading dear friends!
Note
Here is a 4 hour chart. Bitcoin has now stayed below the 34500 level for 2 days. I had done an analysis of how long that was before this drop started. At the time, that was a maximum of a day and a half. We are almost there now with just over 2 days.The wedge has not been broken yet and we can see that by the volume. Only valid if it breaks out with volume but it won't be long.
Note
Dear Friends,We see a bearish rising wedge here at 30 minutes.
Could mean a pullback or retest. It almost always happens.
The target of the wedge is 30500 (fib 0.786) but it does not need to go that deep.
Just keep an eye on this.
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