BTC Potential Double Bottom at Strategic Neckline What's next
Updated
If you recall from our last Bitcoin update, we discussed the potential for significant liquidity grabs. It seems that the market didn't disappoint. Bitcoin experienced a considerable drop, clearing all liquidity towards the 24k zone as shown on the chart.
This latest price movement showed a strong respect for the previously established Neckline where it formed a potential double bottom. This has now solidified its reputation as a significant support zone, a force to be reckoned with.
Looking ahead, I'm forecasting BTC to shape up into a bullish rectangle pattern. This would be in continuation of the earlier Inverse Head and Shoulders (ISHS) pattern. The target for this pattern is still hovering somewhere around the
41K mark. This would complete the corrective wave leg C of the move from its All-Time High (ATH).
For those looking for immediate action plans, the advice is simple: Patience. Let's closely monitor the current 3-day candle. If it closes within our expected zone, we can anticipate the bullish rectangle pattern to solidify, establishing a new trading range between 24.4k and 31k.
The immediate plan is to initiate long positions towards the bottom of this zone, holding out for a test at the top of the range.
Meanwhile the stop loss should be below 24k, any close of price below 24k will invalidate our plan and take price down towards SHOULDER ZONE which should act as very important support area.
Stay tuned for further updates as the market continues to develop.
Do make sure to appreciate our effort with your likes.
This latest price movement showed a strong respect for the previously established Neckline where it formed a potential double bottom. This has now solidified its reputation as a significant support zone, a force to be reckoned with.
Looking ahead, I'm forecasting BTC to shape up into a bullish rectangle pattern. This would be in continuation of the earlier Inverse Head and Shoulders (ISHS) pattern. The target for this pattern is still hovering somewhere around the
41K mark. This would complete the corrective wave leg C of the move from its All-Time High (ATH).For those looking for immediate action plans, the advice is simple: Patience. Let's closely monitor the current 3-day candle. If it closes within our expected zone, we can anticipate the bullish rectangle pattern to solidify, establishing a new trading range between 24.4k and 31k.
The immediate plan is to initiate long positions towards the bottom of this zone, holding out for a test at the top of the range.
Meanwhile the stop loss should be below 24k, any close of price below 24k will invalidate our plan and take price down towards SHOULDER ZONE which should act as very important support area.
Stay tuned for further updates as the market continues to develop.
Do make sure to appreciate our effort with your likes.
Trade active
Trade active
Trade active
We still believe in this setup.Trade active
Trade active
Break of 30800 will accelerate price movement towards our targetTrade active
Massive price break important POI of $30800Trade active
Still in progress.Trade active
Trade active
Trade active
If you recall, this bold analysis was crafted during a period when the consensus expectation was a 19k BTC. However, the current scenario tells a different story. The price has delivered a commendable rally and is now nearing our final setup target.
Our immediate expectation follows the attainment of the Inverse Head and Shoulders (ISHS) target, aiming for the
41K-43k range. Subsequently, we anticipate a substantial retracement towards the significant Bitcoin Bridge at the
31K area.Trade active
Nice one BTCTrade closed: target reached
Nice Journey from August till December. Congratulation to those that follow this setup. Massive profit.PROFIT ACHIEVED 65% WITHOUT LEVERAGE. HURRAYYYYYYYYYYYYYY
This Idea is now CLOSED.
📢Follow the official links only! Trade smart, stay safe! 🎯
Telegram: t.me/+m0IACMn0ul03OTFk
Forex zone: t.me/+piiPgrNtrulkNDk0
💎 Premium details: t.me/wcsepayment
📩 Advert/Partnership: t.me/WESLAD
Telegram: t.me/+m0IACMn0ul03OTFk
Forex zone: t.me/+piiPgrNtrulkNDk0
💎 Premium details: t.me/wcsepayment
📩 Advert/Partnership: t.me/WESLAD
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.