Let me just state the conclusion. Before the price of #BTC breaks upward or downward,
The market will not show a direction
Let’s talk about it one by one
Let's first look at this wave on Friday night. A negative line plunged more than $600 downward.
From 34,000 to around 33,500, and then rebounded over the weekend
The highest hit was around 34700, but actually we draw
Is it still within the range of fluctuations that I mentioned in my last video?
Moreover, this wave of decline did not even break this low point, but only formed a parallel bottom.
I think if the market is going to break upwards and hit a new high,
This parallel bottom here must have a false breakthrough
So, if the price falls below this parallel bottom and quickly recovers
You can go long and look forward to a market near the previous high.
Then there are the high points above. Let’s look at these two high points. They are not far apart.
You can also think of them as a parallel top
If the market goes up before falsely breaking the parallel bottom below,
And a false breakthrough was made on this high point here.
Now is the time to short
In terms of direction, I personally prefer the market to have a false breakout upwards and then a downward trend.
Because the current sentiment about spot ETFs has slowly dissipated.
After all the recent news, the possibility of ETF being approved this year is basically gone.
Under this premise, it is unrealistic for prices to remain high for a long time.
I think the market in the remaining two months of this year should still be a monkey market.
It is a wide range of fluctuations. Around 36,000 or 37,000 may be the top of this wave of market.
The bottom of this wide range of fluctuations should be around 3W1, or around 3W.
Regardless of whether it is a real decline, that is, a decline to around 20,000 or below 20,000 as expected by many short sellers,
Or is the real bull market the 40,000 or 60,000 that many bulls are looking forward to?
It should be next year, and I think there is a great possibility that there will be a deep drop before the bull market starts.
The key time point should be January or February next year.
The remaining two months of this year may be more suitable for those who are willing to trade in volatile markets.
If you like to do medium- to long-term trading in a range of 5,000 to 6,000 US dollars, you can also get good returns.
For those who like to do short-term trading, you can study Fibonacci more. There may be surprises in the recent short-term market.
