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BTC Rally Breaking 2000 USD!!!BTC is on the verge of making a historic run breaking the 2000 USD psychological barrier with an expected high in the 2200 USD region before a consolidation back to the 1600 USD region. There is expected to be a huge influx of 'New Money' coming into the Crypto Sphere.
Buy setup with target of USD 19,788 BTC USD will hit a target of USD 19,788 on CEX.IO after which it should retrace to USD 18,836 or USD 18,256.
Disclaimer: The author is not registered as a securities broker-dealer or an investment adviser either with SEBI or any other government agency. All views expressed is based on the author's technical analysis . It is highlighted that Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites, Derivatives, commodity and Currency can be substantial. It must be noted that the user of the information shall undertake their own analysis before investing or trading. The author of this information shall not be liable for any losses arising from the advice therefrom or incidental thereto.
BTC-USDBTC continues to be trapped in the ongoing tussle between bulls and bears. Even after its recent breakdown to make a recent low of 28.8K, bulls showed an impressive buying strength from that level to close the last weekly candle at $34.7K, it recovered ~20% from this low. It formed an indecisive candle with a long lower wick that shows strong accumulation in the market. The CMP of BTC is sustaining above $34.5K
On the weekly TF, BTC s still holding its 50-WEMA placed at $33.7K from the last 6 weeks, it has tried to breach this range multiple times but none of the weekly candles has closed below this range until now, which depicts that accumulation is going on at the lower levels. Below this support, the next potential support is present at $30K, followed by the next support at $28K.
The sideways trend is currently lying in the range of $32K-$36K. The immediate resistance is presented by its 20-DEMA, placed at $35.2K.If we get a decisive breakout from this level, the next significant hurdle is placed at $38K, followed by the next major resistance at $40K.
On-Chain indicators are also depicting mixed signals. BTC’s mining hash rate hits its 13-month low whereas, in the last 30 days, long term hodlers have accumulated almost 579,940 BTC to their holdings while short-term have reduced their holdings by 521,983 BTC.
Therefore, it is evident that the current market structure is clearly in rangebound trend and breakout from the above-mentioned levels will confirm the move ahead.
btc usd bull flag on weekly bullish for mid termbtc nothing change a bull flag pattern in play a breakout on weekly will lead price above 110000 usd .fundamentals also positive . only manuplation going on to stop loss hunting .
BUY BTCUSDBTC/USD trend analysis
Overview:
Weekly: - uptrend.
Daily : - Price is in the downward adjustment zone and shows signs of going up.
- Today's closing price is higher than ma10 with the full body candle having a larger amplitude than the previous candle, potentially signaling an upcoming daily increase.
- The two MACD price lines are about to intersect, signaling the end of a correction and a shift to a new trend.
- Measuring fibo from the bottom to the most recent peak will see that the 61.8 fibo level is where the price reacted strongly and formed a new bottom there and confluence with the round number area of 60,000 USD, signaling another price increase.
Act
- The price cuts the daily frame above MA10 after adjusting to decrease and cuts around MA10 3 times and closes above MA10 and gives one entry point to Daily order.
- The nearest profit target targets the round number area of 80,000 USD and is also the amplitude area for the previous increase.
buy
entry: 66800.00
SL:59500.00
TP: 80000.00
The wrong scenario is when the price breaks the bottom of 60,000 USD and goes down.
BTC/USD - Weekly OverviewThe world’s largest cryptocurrency is now eyeing to break above the crucial mark of $30K. In the past week, BTC did face profit booking momentum which forced the price level to drop to $26.5K.
However, the level bounce-backed and currently maintains sustainability above 0.236 FIB level, which is a positive sign
The expansion in the width of Bollinger bands suggests that BTC might be ready for another potential upside.
For breaking above the $30K mark, the RSI level must sustain above 50 but currently showcasing negative nature.
Overall, BTC bulls will face resistance at $30K and $32K. On the contrary, if the profit booking momentum again kicks in, support levels can be placed at $27K and $25K.
BTC/USD - Weekly OverviewBTC had a stellar start in 2023 as it broke above the crucial psychological mark of $20K. The YTD gain is now almost 25% while the weekly gain is around 20%.
On the chart, Bitcoin broke above the 0.5 FIB level, entering the resistance zone present between 0.5 FIB level to 0.618 FIB level. The key level to watch out for is $21K and sustainability above it. If the price level can maintain sustainability above the level, we could expect more positive momentum in the near term.
On the positive side, MA-10 is trading above both MA-20 and MA-50 after a very long time and it suggests positive momentum in the short term. However, the RSI level has started to showcase negative nature which suggests that BTC can face profit-booking momentum at the current price level. But RSI level has been able to maintain sustainability in the oversold region since the start of the year.
Overall, the world’s largest digital asset has eroded the losses faced by the collapse of FTX. With the positive sentiment surrounding the overall market conditions, we can expect BTC to test the resistance levels of $22K and $24K. In case, there’s a profit booking momentum, it will have support at $20K and $18K, respectively.
BTC/USD - Weekly OverviewThe new year started off quite well for the world’s largest cryptocurrency as BTC was up by 1.30% in the past 24 hours. The price level had developed a temporary support zone around $16.5K through which it is looking at the potential to test the resistance zone above the 0.236 FIB level.
It must be noted that BTC has not been able to break above the 0.236 FIB level and maintain sustainability thereafter. A breakout could be a significant indicator that Bitcoin can commence the year with significant bullish momentum.
Supporting the hypothesis are RSI and MACD levels. The RSI level is showcasing positive nature on the chart while standing at 53.74. The MACD level also had a bullish crossover below the histogram with a green bar formation. If the levels are able to climb above the histogram, we could witness a significant positive momentum for Bitcoin.
Overall, the resistance levels can be placed at $17K and $18K, respectively. The support for BTC can be placed at $16K and $15K, respectively.
BTC/USD - Weekly OverviewThe past week for BTC was of strong consolidation and diminishing volume. The price level constantly tested the resistance level at the 0.236 FIB level.
The RSI level has again formulated a rising channel pattern on the chart. However, the impact on the BTC price was minimal as compared to the rise in the RSI level
The MACD level is still attempting to cross above the histogram. Overall, BTC is facing significant resistance at $17K and $18K thereafter. On the support side, $16K and $15K are the levels to watch out for.
BTC/USD - Weekly OverviewAmid the collapse of crypto giant, FTX, the overall market conditions took a hit as the world’s largest cryptocurrency nosedived to a new two-year low of nearly $15.5K. The other cryptocurrencies also faced significant selling pressure as Ethereum is down by 20.15%, XRP by 25.65%, and polygon by 22.00% at the time of writing on a weekly basis.
Considering the technical chart of BTC, MA-10 suffered a negative breakout against MA-20 and MA-50 as soon as the news of FTX collapse was made public. Currently, the price level is facing significant resistance above 0.236 FIB level on the Fibonacci retracement table.
Looking at the technical indicators, the RSI level suffered a nosedive to the oversold region but quickly bounced back. The level is showcasing positive nature while residing at 41.95. The MACD level also suffered a breakdown below the histogram with significant red bars formulated on the histogram. It surely disrupted the sustainability made in the past couple of months.
Overall, BTC is currently trading at significantly lower levels. A significant upside might need relevant accumulation at the current levels. To avoid further downfalls, BTC is having support at $16K and $15K respectively. On the upside, resistance levels can be placed at $17K and $19K respectively.
BTC/USD - Weekly OverviewThe world’s largest cryptocurrency has developed positive sentiment during the past week as the price level maintained sustainability above the psychological mark of $20K.
Moreover, the price level was able to have a positive breakout above the resistance zone between 0.786 FIB level and 0.618 FIB level and attained a new weekly high of nearly $21.5K. However, price sustainability above 0.618 FIB level looks doubtful as BTC just had a negative breakout below it.
Considering the moving averages, BTC is unable to maintain sustainability above MA-10 in a shorter timeframe. However, to avoid any sudden strong negative divergence, MA-50 is proving to be a significant support provider.
Looking at the technical indicators, RSI is showcasing negative nature with a breakdown below 50. The MACD level has also faced a bearish crossover and started to form red bars on the histogram.
Overall, BTC has strong support at $20K and $18K for avoiding any sharp negative fall. If the bulls are able to withstand, resistance levels can be placed at $22K and $24K respectively.
BTC/USD - Weekly OverviewThe bears are back again in the overall market conditions as the weekly loss for BTC reaches nearly (-)12.30%. On the chart, the price level has suffered a negative breakout from the rising channel pattern reflecting upon a strong change in sentiments
During the past bullish rally, BTC faced significant resistance around the 0.236FIB level which may have resulted in the sentiment change. Additionally, MA-10 has also suffered a negative crossover against MA-20 and the price level has again fallen below major moving averages
The MACD level also showcased bearish crossover and red bars formation on the histogram. The RSI level suffered a dip towards the oversold region and still showcased negative nature while residing at 33.80
Overall, negative sentiment has surely kicked backed in the overall market conditions. Narrative of the possible new-yearly bottom for the world’s largest cryptocurrency has started to float on media channels. Adding to that, support levels for BTC can be placed at $20K and $18K. On the contrary, resistance can be placed at $23K and $25K.
BTC/USD - Weekly OverviewThe past week's price performance resulted in more skepticism among investors as BTC faced multiple negative breakouts below the crucial psychological mark of $20K. Compared to the previous high of the previous month, BTC is almost down by 37%.
On the Fibonacci retracement table, the price level has fallen below the 0.236FIB level and unable to have any positive breakouts since then. The RSI level is constantly facing resistance at 50.
Considering the technical pattern, BTC has formed a descending triangle from a couple of weeks of price action. A positive breakout from the pattern in upcoming days might hint at the revival of bulls and vice-versa. The BB has also contracted its width on the chart while showcasing downtrending nature. The price level is having a hard time sustaining above the baseline of BB.
Overall, exposure to further downtrend might be a possibility if the world’s largest cryptocurrency stays below $20K. In that case, support levels can be placed at $18K and $17K. On the contrary, if the bulls are able to make a comeback, resistance can be placed at $22K and $23K.
BTC/USD - Quarterly OverviewThe past financial quarter didn’t go as expected. We did witness the emergence of humongous selling pressure in the overall market conditions including Bitcoin. The world’s largest cryptocurrency has almost retraced about 60% considering the high of Q2 2022 and the current market price. Although the downfall wasn’t a steeped one, BTC found support levels at regular intervals when it broke below $45K for the first time in the quarter.
Considering the moving averages, BTC is trading below MA-10, MA-50, and MA-100 which certainly reflects the prevailing bearish sentiment. The price level had attempted to develop sustainability above MA-10 on multiple occasions but failed to have a formidable bounceback. MA-50 is currently acting as a temporary resistance level while MA-100 lies far beyond the current price action.
The RSI level also faced multiple dips toward the oversold region, especially during the last month of the quarter, and currently showcasing negative nature. The MACD level mostly spent the quarter below the histogram which again reflects the bearish sentiment. Currently, it is looking for a breakout above the histogram.
Overall, bears are certainly having a grip over the market conditions. If BTC continues to sustain below the crucial psychological mark of $20K, one might expect more downfall. In that case, support levels can be placed at $18K and $16K. On the contrary, resistance levels can be placed at $22K and $24K.
BTC/USD - Weekly OverviewDuring the past week, Bitcoin faced intensive volatility led by the headlines that Russia invades Ukraine on Thursday. The news forced BTC to drop straight from $39K to around $34K. However, buyers at lower levels gave a push back in no time. This further led to the testing of EMA-20 ($39,600) which went unsuccessful as investors are looking for relevant exists around the psychological mark of $40K. Currently, the price level is forming a temporary support zone of around $36.5K. Further, we can expect the price to move within the range drawn on the chart.
MACD levels indicate further selling pressure on BTC in the upcoming trading sessions. The levels have faced a bearish crossover and currently forming red bars on the histogram.
Overall, the price momentum for this week will be much dependent on the developments around global factors including the Russia-Ukraine conflict. Considering the technical side, BTC is having support at $36,500 followed by $34,500., resistance levels are placed at $40K and $42K respectively.
BTC-USDWhat are your thoughts on this ..?
In my opinion, we will reach 24718 USD(0.618 fib) and bounce back from there, if not, as we can see historically if BTC gets below 50 MA there will be a 50+% crash eventually (it happens 3 times) and 200 MA acted as the support
BTC-USD(Weekly Analysis)BTC continues to be in sideways movement and traded in a range of $32,699K to $36,660. It formed a monthly red candle for June, with long upper and lower wicks and closed the month with a 5.95% decline. On the weekly TF, it formed a Doji candlestick pattern which depicts indecision between the bulls and bears, it closed the week with minor gains of 1.66%. It is still managing to hold its 0.786 Fibonacci retracement level which is present at $35K.
On the Daily TF, BTC has been trading in a range of $31,000 to $41,000 since May 19th. It is forming a horizontal channel kind of pattern and currently, it is trading between the lower and middle band of the channel. On the downside, immediate support is present at $32,500, if it decisively breaks this level, the next support is present at $30,000 followed by $28,000.
On the higher side, BTC has not been able to close above its 20-DEMA which is present at $36,200, once we get a daily closing above this level, the next potential hurdle is presented by its 50-DEMA which is placed at $38,000 followed by the major resistance in the range of $41,000 to $41,500.
As per the Elliot Wave formation, BTC is still in the bearish phase and is still in process of making the 5th corrective wave and can make a low of $24,000 before its cycle is over. However, a pullback can be expected till the level of $38,000 before the next downside wave. Weekly MACD is signalling a negative bias.
BTC-USD( Long Term Analysis)Bitcoin made its new ATH of $64,899 in the April month of this quarter but bulls were unable to hold the gains and succumbed downside due to the negative sentiments initiated by a negative Elon Musk's tweet and China ban news. Total Market cap after peaking at $2.5 Tr in May to $1.3Tr at the time of writing, it dipped by ~48% in this quarter.
The flagship currency, Bitcoin has witnessed its worst quarter in terms of Dollar loss, it retraced more than 40% in Q2 and formed a strong bearish candle on the Quarterly TF.
On the monthly TF, May month candle turned the positive trend into a bearish trend as BTC witnessed a 35% decline in the same period. In the month of June, it made a new recent low of $28,800 but retraced upward and is now sustaining above $33,000.
On a weekly TF, BTC has been consolidating for the last 6 weeks in the range of $30,000 to $40,000, it tried to breach the support at $30K few times but bears haven't been successful in doing so yet, therefore the support of $30K is very critical in deciding the future trend. On the higher side, the immediate resistance is present at $36,000 followed by the major resistance at $41K.
On a Daily TF, BTC has already witnessed a Death cross i.e negative crossover of 50 and 200-DEMA and has been trading below its major EMA's.
RSI is showing minor positive divergence with the price from the last 2 weeks, which mildly indicates a pullback to the higher side can be expected. Since the current trend is still sideways, therefore confirmation is much needed for the price movement ahead, On the higher side, BTC has to sustain above the level of $41,000 to reverse the ongoing bearish trend.
BTC/USD 1hr Key zones Short imminent at pointed levels
No fomo boys, Wait for the good buys at lower levels
BTC/USD : Bitcoin for option writer Below the 27,000 USD level, the Bitcoin market tends to experience heightened bid support. This implies that there are a substantial number of market participants willing to place buy orders at or above this price level. Such bids create a strong support zone, reducing the likelihood of a rapid decline in Bitcoin's value below this threshold.
Lower Downside Risk:
By writing options below 27k, option sellers can take advantage of the observed bid support, effectively reducing their exposure to significant downside risk. The presence of substantial bids provides a cushion, making it less probable for the Bitcoin price to breach the 27,000 USD level in the short term.
BTC/USD - Weekly OverviewThe past week for Bitcoin turned out to be fundamentally negative as crypto-friendly and related banks collapsed. However, at the time of writing, the world’s largest cryptocurrency showed symptoms of recovery as the weekly loss stood at just around 1.00%, even after suffering a dip below the crucial mark of $20K.
On the Fibonacci retracement table, the 0.5 FIB level acted as a strong support zone for BTC while it currently faces resistance at the 0.786 FIB level.
Technical indicators including the RSI and MACD have shown significant build-up for a positive bounce back.
Overall, BTC is facing resistance at $23K and $25K, while the support levels can be placed at $20K and $18K.
