BITCOIN Idea Update!
Hey guys,
Following prediction is an update for the 16 April analysis (Title: Buying Opportunity ahead for Bitcoin).
So far, the price has exactly followed our arrow in the previous analysis. The ascending triangle has been broken, BTC lost the 60-62k level, and price has just touched the demand zone of 40-46k. The 16 April analysis was pretty much a short signal rather than a neutral idea and hasn't really detailed the path to 90k.
Although the exact reversal point is not predictable, that's what I am trying to do in this analysis. FYI I am still a bull and believe bull market is not over yet. But personally I think one last leg down is still in the scheme of things. I would be happy if I am wrong though.
There are two possible scenarios. In either scenarios, for seeing higher numbers, the price has to break through R1 and then R2. (The essential break out areas are marked red.) So far, the price has held the S1 trendline. if we remain above this support, it is likely to move towards the R1 curve (54-55k) very soon. The first scenario is to get rejected from that point, which will easily take us back to S1 and in that case, S1 is expected to be lost. Therefore, the price has the potential to move through the curved downward channel and reach inside the strong demand area (approx. 38k-43k). In that zone, momentum will be gained, and I expect BTC to start a huge rally towards 75k (R3) and 90k (R4). If we become able to break through R1 directly from here (above S1) and not get rejected from R2, then possibly the first scenario is cancelled and BTC will aim to hit a new ATH earlier than expected. As I said, I find the first scenario more likely.
Hope that helps guys. if you are taking such trades, always remember to invest very small amount and do not go all in as chances of you getting liquidated will be super high. Stay patient with the dips. Best Regards, AMDEL.
Following prediction is an update for the 16 April analysis (Title: Buying Opportunity ahead for Bitcoin).
So far, the price has exactly followed our arrow in the previous analysis. The ascending triangle has been broken, BTC lost the 60-62k level, and price has just touched the demand zone of 40-46k. The 16 April analysis was pretty much a short signal rather than a neutral idea and hasn't really detailed the path to 90k.
Although the exact reversal point is not predictable, that's what I am trying to do in this analysis. FYI I am still a bull and believe bull market is not over yet. But personally I think one last leg down is still in the scheme of things. I would be happy if I am wrong though.
There are two possible scenarios. In either scenarios, for seeing higher numbers, the price has to break through R1 and then R2. (The essential break out areas are marked red.) So far, the price has held the S1 trendline. if we remain above this support, it is likely to move towards the R1 curve (54-55k) very soon. The first scenario is to get rejected from that point, which will easily take us back to S1 and in that case, S1 is expected to be lost. Therefore, the price has the potential to move through the curved downward channel and reach inside the strong demand area (approx. 38k-43k). In that zone, momentum will be gained, and I expect BTC to start a huge rally towards 75k (R3) and 90k (R4). If we become able to break through R1 directly from here (above S1) and not get rejected from R2, then possibly the first scenario is cancelled and BTC will aim to hit a new ATH earlier than expected. As I said, I find the first scenario more likely.
Hope that helps guys. if you are taking such trades, always remember to invest very small amount and do not go all in as chances of you getting liquidated will be super high. Stay patient with the dips. Best Regards, AMDEL.
Comment:
Comment:
RETURN TO THE CURVE CHANNEL = 50K PROGRAMMED
As it's clear, S1 trendline was lost last night and BTC touched our demand zone nicely. Now I can say that a relatively good amount of volume has been gained. However, since there is still room inside the demand area, we cannot be sure about the reversal yet. now I expect movement towards S1 (which is a resistance now). If we become able to break it and remain above, I can say we are ahead to reach R2 (54-55k) and reactivate the second scenario. If we cannot, the bottom of the demand area is inevitable.