BTC - Last dip before quick rally ?

TP1: 35K
TP2: 40K

I'll just follow the arrows and fibs
Arrows are not related with time
We want to avoid H&S formation

Comment:

We are still on this road to 25k,
but this rejection that happened end august is not a good think at all, price has been rejected at big key level, it was at the same time :

200 MA 4H
200 MA 1D, that is about to be crossed again in a few days/weeks by EMA 100 (bearish)
200 MA Weekly
0.786 fib of this chart

Im not gonna make a new post for this but we are more likely going to 22K for this next low

cheers

Comment:

last dip dipped, from here we can go up, following this idea

Comment:

Im gonna try to update this regularly, because I still fear a big sell off

but for now there is absolutely no reason we don't see at least 27k4
big resistances are between 27k4 and 28k, if we pass above, we will be much more safer

Comment:

I would say as long as 26K holds we are still in this bullish momentum.

Comment:

Situation isn looking good at all and daily 100 MA might cross daily 200MA next week if we stay at those levels

last time it did this btc lost 2/3 of its value (early feb 2022) but the time before, it did nothing (mid July 2021) so it might not be that relevant

lets wait and see

Comment:

Nice move up,
We are out of this big downtrend channel (again)
and now standing at
weekly 200 MA
daily 200 MA & 100 MA (those 2 are about to cross)

If we pass this we might continue to rally to 31K, & 35k (TP1)

Our 2 nearest supports are at 27300 & 26800

Comment:

We are now clearly outside of the channel
everything above 27k3 is bullish and makes this idea realizable

watch out for the MA cross

Comment:

MA cross mades its effect,
me must close above 26k8 or we will likely see 25k again, can be even worse then

Comment:

100 MA crossed 200 MA on the daily timeframe and now we're sitting under the 26k8 marks with a lot of bearish signs

the same is about to happen on the weekly, 100 MA will cross 200MA soon and for the first time in history of Bitcoin if I'm right, so maybe expect a stronger move down soon

Comment:

pretty wild Monday

big rejection when it arrived around the grey rectangle, which is a pretty strong resistance, but my bias is that we are going to at least retest it

you can consider now 26k5 a good support

Comment:

Here is the retest,
now either we break that big resistance and we'll see TP1 before EOY
either its too much and there is a big risk of a massive sell off boosted by the Weekly MA cross that will happen soon

Comment:

So far, BTC is following this idea at perfection,
several possibilities from now
- We can expect this bullish momentum to last 1 or 2 days and go straight to TP1 a bit below 35K
- a little correction, but if we manage to stay above 29K8, this should be fine - and healthy as well
- You can consider 25K a possibility if it goes below 29K8

Comment:

Took some profits here, I consider TP1 i.e. fib 1.272 34k5 reached, sorry for the double update, gonna post a new idea tomorrow or later

Trade closed: target reached