What's up traders! In today's breakdown, we're taking a look at some possible scenarios for Bitcoin in the coming days / weeks.
Let's dive right in...
Ticker: BTCUSD
Date: 04/21/23
Timeframe: 1H
Supply: 28525-28800 (1st red zone), 30280-30600 (2nd red zone)
Demand: 27560-27830 (green zone)
Commentary:
It seems like we finally got the break of the bullish momentum in the crypto market. For any upside continuation, this could be a much needed pullback for a healthier move back into 30k+ for bitcoin.
Until we break strong demand at 25000, we can count on bitcoin resuming its recovery so any significant bearish bias should be avoided. That being said, we need to be cautious of supply zones above if we are bullish.
The good thing is that this pullback has identified key supply zones for us that we need to be cautious of, making our long plays easier. We are currently approaching / already validating demand at ~27560-27830. There are a few plays we could target from here.
✅ Bullish Scenario 1: you want to see price hold this ~27560-27830 demand, find strength to move upwards and possibly give us a retest of this demand zone for a possible move back into supply around ~28525-28800. This will be the safer upside play.
✅ Bullish Scenario 2: you want to see price hold this ~27560-27830 demand, find strength, have volume build up to break the supply zone around ~28525-28800, and then retest the ~28525-28800 zone to possibly move into the highs from earlier this week and ~30280 supply.
🟥 Bearish Scenario 1: you want to see price approach supply from a couple weeks ago around ~28525-28800, sellers starting to accumulate and possibly catch a break and retest of this supply zone into demand at ~27560-27830 again. This will be the safer downside play.
🟥 Bearish Scenario 2: you want to see price break this ~27560-27830 demand, retest, find weakness again and possibly move into late March lows around ~27000.
Let's dive right in...
Ticker: BTCUSD
Date: 04/21/23
Timeframe: 1H
Supply: 28525-28800 (1st red zone), 30280-30600 (2nd red zone)
Demand: 27560-27830 (green zone)
Commentary:
It seems like we finally got the break of the bullish momentum in the crypto market. For any upside continuation, this could be a much needed pullback for a healthier move back into 30k+ for bitcoin.
Until we break strong demand at 25000, we can count on bitcoin resuming its recovery so any significant bearish bias should be avoided. That being said, we need to be cautious of supply zones above if we are bullish.
The good thing is that this pullback has identified key supply zones for us that we need to be cautious of, making our long plays easier. We are currently approaching / already validating demand at ~27560-27830. There are a few plays we could target from here.
✅ Bullish Scenario 1: you want to see price hold this ~27560-27830 demand, find strength to move upwards and possibly give us a retest of this demand zone for a possible move back into supply around ~28525-28800. This will be the safer upside play.
✅ Bullish Scenario 2: you want to see price hold this ~27560-27830 demand, find strength, have volume build up to break the supply zone around ~28525-28800, and then retest the ~28525-28800 zone to possibly move into the highs from earlier this week and ~30280 supply.
🟥 Bearish Scenario 1: you want to see price approach supply from a couple weeks ago around ~28525-28800, sellers starting to accumulate and possibly catch a break and retest of this supply zone into demand at ~27560-27830 again. This will be the safer downside play.
🟥 Bearish Scenario 2: you want to see price break this ~27560-27830 demand, retest, find weakness again and possibly move into late March lows around ~27000.
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