Ideally the swing low at 43K needs to hold and anything beneath is a shortlived deviation which forms part of weekly wick
The amount of FUD on the market right now is insane
We have been 'ranging' for 84 days
These do form bear trends within the range, LH's, LL's etc.
I stepped into a long on 4H bull divs, 4H bull engluf, and added on a trend change on 1H at an OB...
We have two scenarios for Bitcoin:
1- If Bitcoin supports the 50K number and continues the uptrend.
2: If Bitcoin loses 50 support and falls to 42k.
You can wait or make a stairs to buy in the range of 51 to 53k.
"Do not forget that maintaining one's own capital is profitable"
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There's 3 reason.
1) There is weakness in selling
2) Bitcoin dominance on the increase
3) The lower bitcoin falls, the more interest there is to buy.
If we're break 58k so the next Target is 68k but after test 58k again.
Buy when people afraid and sell when there's in trust.
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The chart here shows entire price movements of BTCUSD.
The first rally took 731 days to complete and returned a 51,588% increase in price.
The second rally took 45% more time to complete, over the course of 1065 days,returned a 12804% price increase. A reduction in percentage price increase of around 4x compared to the first rally.
Projecting the third...
I am left rather confused about this pair in regards to direction. I would like to think the massive sell-off stopped out the majority of support buying but there is always a possibility that price may come down again to tackle the previous low marked.
I am more bearish bias than long but I have marked out both targets for those who are interested.