Bitcoin(BTC): Getting Ready For 2024! (Now or Never)
With new monthly candle opening, we see price still showing some sort of strength while closing last candle nicely above $40K and
42K
(which were considered psychological supports)
With that being said, we are one candle closer to upcoming halving, which usually marks the start of a new cycle (bullish), but at the same time, we see that we have expanded the price way to much prior to halving, which is considered a bad sign. With that being said, we are getting ready here for some major corrections to happen before the next major bullihs movement to follow!
As we see the RSI return to levels it last saw right before the drop caused by the halving, traders who have been in the business for a long time are on high alert for a possible repeat of history. The way the market is going now reminds us of the push before the halving.
P.S. Past performance does not always mean future performance, but the market is paying attention, as are we.
42K
(which were considered psychological supports) With that being said, we are one candle closer to upcoming halving, which usually marks the start of a new cycle (bullish), but at the same time, we see that we have expanded the price way to much prior to halving, which is considered a bad sign. With that being said, we are getting ready here for some major corrections to happen before the next major bullihs movement to follow!
As we see the RSI return to levels it last saw right before the drop caused by the halving, traders who have been in the business for a long time are on high alert for a possible repeat of history. The way the market is going now reminds us of the push before the halving.
P.S. Past performance does not always mean future performance, but the market is paying attention, as are we.
Comment:
Week 2
With the new weekly opening, we see another week (the last one) closing below the strong resistance zone at $45K. Resistance is holding strong, and the new weekly is showing yet further weakness.
Sure, ETF news and rumours are putting some uncertainty into traders, but nevertheless, one thing is sure: wealthy people would benefit more from rejecting or postponing the ETF.
With that being said, we are still looking for BTC to go into the liquidity grab zones. We personally are still short.
Swallow Team
With the new weekly opening, we see another week (the last one) closing below the strong resistance zone at $45K. Resistance is holding strong, and the new weekly is showing yet further weakness.
Sure, ETF news and rumours are putting some uncertainty into traders, but nevertheless, one thing is sure: wealthy people would benefit more from rejecting or postponing the ETF.
With that being said, we are still looking for BTC to go into the liquidity grab zones. We personally are still short.
Swallow Team
Comment:
Week 3
Bitcoin is looking better than ever. Last week we had a nice downward movement, and the current week started with some sharp movement to lower zones towards that $40K zone.
As you all know, we have been looking at two major zones of $34K and $26K (which hold the most liquidity), which is more of a mid-term movement for us, but in the short-term we are looking for a clean breakdown of that $40K zone, which is basically the last zone to hold the price of BTC as of now.
Upon breaking this zone, we will see some deep downward movement to our major target zone!!
Swallow Team
As you all know, we have been looking at two major zones of $34K and $26K (which hold the most liquidity), which is more of a mid-term movement for us, but in the short-term we are looking for a clean breakdown of that $40K zone, which is basically the last zone to hold the price of BTC as of now.
Upon breaking this zone, we will see some deep downward movement to our major target zone!!
Swallow Team
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New Week is here, and after a nice yearly closing, we see price has now made any significant attempts to secure $45K zone, which means that traders are not feeling anymore, so it is safe to push prices further as of now!
With that being said, we actually see a potential movement towards that $45–48K zone, but that would be the maximum where the price could go. After that (or even from the current market price), we can see a very sharp liquidity sweet (long squeeze), which can lead the price to as low as $26K or even lower!
Swallow Team