Coming from my past two (and only) publishes here on TradingView, I'm finally back to another highly probable set up!
My first published idea was a call at $17.5k to head back to $20k, and the second was a call from $20k to the $24k magnet.
While it took more effort to reach the latter, we eventually got to $24k and a strong dip afterwards. Eventually it turned into a bullish retest around $21.4k which God-candled into new highs of $25k, and consolidate a small push into our current situation levels of just under $25k.
Looking at the charts, $25.2k is the immediate level to flip. It's very important to get a HTF close above this. If we continue to fail a breakout, we can expect a retest of lower, but for now I am quite optimistic still and will not flip bias just yet. With that, I speak of my latest idea of $BTC heading to $35k.
This would be quite a huge jump to target, but looking at how the HTF is playing out, it's getting closer and closer and more likely to happen. In my opinion, there's a magnet to this price area.
$35k is an area that we first broke out upwards back in January 2021. The monthly candle closed below it, only for the next month to properly breakout and close above. This created new highs at the time, and was retest 3 months in a row from May to July. It held as a support and pushed us to our highs of $69k
Once it broke down, it had a small bounce, but still a red candle. This is where we might have a first hurdle of the $32k area, but ultimately I still think the proper range is drawn for 35k. Closing below those lines, the breakdown continued into our local lows, and we're now recovering into a probable HTF candle retest for the first time. As it would be the first proper retest, my conviction goes higher. It's either $32 or $35k before we see some struggling and 2 scenarios would show:
1. A bullish retest into $44k level or
2. A bearish retest into new local lows
As always, we do this level by level and only read what the chart shows, so I will update by then.
The higher targets only stand if we flip LTF resistances of $25.2k, and probably somewhere around $28k too. Invalidation would be a close under $21k.
Feel free to leave a comment and humor me with your thoughts, so we could discuss! Cheers.
My first published idea was a call at $17.5k to head back to $20k, and the second was a call from $20k to the $24k magnet.
While it took more effort to reach the latter, we eventually got to $24k and a strong dip afterwards. Eventually it turned into a bullish retest around $21.4k which God-candled into new highs of $25k, and consolidate a small push into our current situation levels of just under $25k.
Looking at the charts, $25.2k is the immediate level to flip. It's very important to get a HTF close above this. If we continue to fail a breakout, we can expect a retest of lower, but for now I am quite optimistic still and will not flip bias just yet. With that, I speak of my latest idea of $BTC heading to $35k.
This would be quite a huge jump to target, but looking at how the HTF is playing out, it's getting closer and closer and more likely to happen. In my opinion, there's a magnet to this price area.
$35k is an area that we first broke out upwards back in January 2021. The monthly candle closed below it, only for the next month to properly breakout and close above. This created new highs at the time, and was retest 3 months in a row from May to July. It held as a support and pushed us to our highs of $69k
Once it broke down, it had a small bounce, but still a red candle. This is where we might have a first hurdle of the $32k area, but ultimately I still think the proper range is drawn for 35k. Closing below those lines, the breakdown continued into our local lows, and we're now recovering into a probable HTF candle retest for the first time. As it would be the first proper retest, my conviction goes higher. It's either $32 or $35k before we see some struggling and 2 scenarios would show:
1. A bullish retest into $44k level or
2. A bearish retest into new local lows
As always, we do this level by level and only read what the chart shows, so I will update by then.
The higher targets only stand if we flip LTF resistances of $25.2k, and probably somewhere around $28k too. Invalidation would be a close under $21k.
Feel free to leave a comment and humor me with your thoughts, so we could discuss! Cheers.
