DEALERBTC $BTC #BITCOIN My Thoughts: Consolidation & Bull?
In my opinion, it is prudent to consider a scenario in which Bitcoin continues its uptrend, which is highly probably. For this scenario, there are some things I would look for:
1. Price establishing support between $51,100 and $54,250 on the daily - weekly timeframe, without a violent puke below.
2. Tap of the above mentioned region around May 7, 2025 and violent push up
3. Consolidate around the above mentioned region between May 7, 2024 and June 7, 2024 and then proceeding to new highs.
Tip: I believe the pivot low for the daily candle on May 7, 2024 will become an important level of support or resistance.
In the above mentioned scenario(s) I believe that #3 is the most probable if price in fact is to continue to new highs. If Bitcoin were to continue to new highs, I believe it would do so until at least November 21, 2024.
As for altcoins...yes, many of them have broken to new all time lows. As I've mentioned before, the total crypto market cap did not reach a new all time high, despite Bitcoin being able to do so. In the above scenario, I just outlined, the real bull market would begin, and there would be an intense alt season. It's perfect now that most people are underwater or have been completely wiped out. Personally, I refuse to touch any altcoins until at least May 7, 2024. I have been short for some time and if you don't get grammar, that means I am still short at this moment.
This trade idea is not financial advice. I am not any kind of financial advisor.
Thanks for hitting the like button and for following me!
1. Price establishing support between $51,100 and $54,250 on the daily - weekly timeframe, without a violent puke below.
2. Tap of the above mentioned region around May 7, 2025 and violent push up
3. Consolidate around the above mentioned region between May 7, 2024 and June 7, 2024 and then proceeding to new highs.
Tip: I believe the pivot low for the daily candle on May 7, 2024 will become an important level of support or resistance.
In the above mentioned scenario(s) I believe that #3 is the most probable if price in fact is to continue to new highs. If Bitcoin were to continue to new highs, I believe it would do so until at least November 21, 2024.
As for altcoins...yes, many of them have broken to new all time lows. As I've mentioned before, the total crypto market cap did not reach a new all time high, despite Bitcoin being able to do so. In the above scenario, I just outlined, the real bull market would begin, and there would be an intense alt season. It's perfect now that most people are underwater or have been completely wiped out. Personally, I refuse to touch any altcoins until at least May 7, 2024. I have been short for some time and if you don't get grammar, that means I am still short at this moment.
This trade idea is not financial advice. I am not any kind of financial advisor.
Thanks for hitting the like button and for following me!
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