I shared my thoughts on $BTC yesterday
Read if you missed š
CRYPTO MECHANIC
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When $100k Bitcoin Again ?
The crypto market has been a rollercoaster since US started to impose Tariffs and then china came into play.
The war is still going on but the good thing is the market isn't caring much about it. This is what usually happen the market stops reacting when they hear same thing over and over.
Now lets have a look at Bitcoin chart and see what we can get or expect.
BTCUSD (Weekly)
As always starting from the weekly chart
The weekly chart is still in the no man's land. The structure is still broken. Sitting in between two important zones and i said it in my previous updates that for a swing perspective i only see two scenarios either price reclaim this broken range or it dump under $70k. I would still say the same as there is nothing changed on the weekly chart.
BTCUSD (Daily)
Looking at the daily chart the chart is still within the downtrend, Price continuously creating lower highs.
As long as we don't see a break and hold above $88,800 nothing will change on the daily chart either.
Alright now this is what we have on the chart now lets discuss what i want to see in the market
Something positive on the chart
That fake out on the daily chart and this was also the reason why i shared that $81k long setup on my profile and it was perfectly executed.
Going forward
You may have seen this chart on the internet or maybe you have this same chart.
Almost every next person have this one trendline on their chart. It is called a downtrend line for those who don't know.
As long as price hold below or gets rejection from this trendline, Traders continues to expect downside from that particular pair. Some may have it a little lower or a little higher depending on how they draw it.
Make Them Believe The Bull Market is Back
Right now there are more bears in the market than the bulls. If we see a breakout of this one trendline this will turn the most traders bullish and we will probably see some upside on $BTC
This is something against the sentiments.
A move to $88k or above will change nothing on the chart but it will be enough to make people excited for the bull market.
Continuation To The downside
Like i said the move into $88k or above will change nothing. I think its possible we will get it, The reasons i explained above. Giving it room to squeeze higher than $88k because bear market rallies can give unexpected moves.
This is something i want to see. Over all The weekly chart is bearish, The Daily chart is bearish like we discussed in the start. If this doesn't play out we know the charts are still bearish.
Personally i am looking for short term buys this week. If i see any changes, I will keep you guys updates.
This is it, As long as Bitcoin is under this broken range, I think its wise to have limited upside targets and Wise to keep the risk limited.
The war is still going on but the good thing is the market isn't caring much about it. This is what usually happen the market stops reacting when they hear same thing over and over.
Now lets have a look at Bitcoin chart and see what we can get or expect.
BTCUSD (Weekly)
As always starting from the weekly chart
The weekly chart is still in the no man's land. The structure is still broken. Sitting in between two important zones and i said it in my previous updates that for a swing perspective i only see two scenarios either price reclaim this broken range or it dump under $70k. I would still say the same as there is nothing changed on the weekly chart.
BTCUSD (Daily)
Looking at the daily chart the chart is still within the downtrend, Price continuously creating lower highs.
As long as we don't see a break and hold above $88,800 nothing will change on the daily chart either.
Alright now this is what we have on the chart now lets discuss what i want to see in the market
Something positive on the chart
That fake out on the daily chart and this was also the reason why i shared that $81k long setup on my profile and it was perfectly executed.
Going forward
You may have seen this chart on the internet or maybe you have this same chart.
Almost every next person have this one trendline on their chart. It is called a downtrend line for those who don't know.
As long as price hold below or gets rejection from this trendline, Traders continues to expect downside from that particular pair. Some may have it a little lower or a little higher depending on how they draw it.
Make Them Believe The Bull Market is Back
Right now there are more bears in the market than the bulls. If we see a breakout of this one trendline this will turn the most traders bullish and we will probably see some upside on $BTC
This is something against the sentiments.
A move to $88k or above will change nothing on the chart but it will be enough to make people excited for the bull market.
Continuation To The downside
Like i said the move into $88k or above will change nothing. I think its possible we will get it, The reasons i explained above. Giving it room to squeeze higher than $88k because bear market rallies can give unexpected moves.
This is something i want to see. Over all The weekly chart is bearish, The Daily chart is bearish like we discussed in the start. If this doesn't play out we know the charts are still bearish.
Personally i am looking for short term buys this week. If i see any changes, I will keep you guys updates.
This is it, As long as Bitcoin is under this broken range, I think its wise to have limited upside targets and Wise to keep the risk limited.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content.Ā See T&Cs.
BTC
103,548.73
-0.87%