Bitcoin/USDT Price action idea/projection for upcoming months
Hey Everyone! Rookie Trader here; Thought i'd share some of the ideas i've noticed recently with BTC/USDT.
On the image below, I roughly drew numerous, what i'd think to be, reasonable TL's. Also incorporating a few horizontal rays as well, with the fib-retrace tool for confirmation purposes.
judging from past levels, and past retests on the fib-retrace, $43,811.93 seems to be the next source of resistance.
BUT, I highly doubt it'd hold with the accumulation of buying interest, economical news such as ETF's, and new adoption seemingly to expand across the boards. This brings me to my next price target of $47,521. The price range of $43.8k-$47.5k, seems to be the consolidation range or the next tests over the next upcoming weeks; with the "pink circle" I drew to represent possible pull back and retest area.
Lastly, whats to come after these levels are hit?
Well in my perception, the historical highs of 60k+ in year 2021, formed a "Double-Top". Why's that important you say? The neckline of that "Double-Top", corresponds with the price range from our previous paragraph/chart above and also with the fib-retrace trend line indicated in burgundy(maybe burgundy lol). that leads us to the next support level of $53,371.70 or the .236 on the fib-retrace. Historically, $58k-$61.3k seems to have a higher sell of pressure, meaning price may break the $53.3k, buying pressure may soon bump it up to between the levels of $58k-$60k or just the $58k and may face some rejection, BUT, doesn't look as if $61.k will be to big of a Problem, especially with buying pressure, interest, and other social & economic instances adding to volatility and PA
On the image below, I roughly drew numerous, what i'd think to be, reasonable TL's. Also incorporating a few horizontal rays as well, with the fib-retrace tool for confirmation purposes.
judging from past levels, and past retests on the fib-retrace, $43,811.93 seems to be the next source of resistance.
BUT, I highly doubt it'd hold with the accumulation of buying interest, economical news such as ETF's, and new adoption seemingly to expand across the boards. This brings me to my next price target of $47,521. The price range of $43.8k-$47.5k, seems to be the consolidation range or the next tests over the next upcoming weeks; with the "pink circle" I drew to represent possible pull back and retest area.
Lastly, whats to come after these levels are hit?
Well in my perception, the historical highs of 60k+ in year 2021, formed a "Double-Top". Why's that important you say? The neckline of that "Double-Top", corresponds with the price range from our previous paragraph/chart above and also with the fib-retrace trend line indicated in burgundy(maybe burgundy lol). that leads us to the next support level of $53,371.70 or the .236 on the fib-retrace. Historically, $58k-$61.3k seems to have a higher sell of pressure, meaning price may break the $53.3k, buying pressure may soon bump it up to between the levels of $58k-$60k or just the $58k and may face some rejection, BUT, doesn't look as if $61.k will be to big of a Problem, especially with buying pressure, interest, and other social & economic instances adding to volatility and PA