Hello Binancers...
Me again here, would like to start this week with my first Article about Bitcoin Analysis with the daily timeframe and the possiblity of the price movement. I'll update this analysis everyday whether or not there's a significant movement. So, let's begin.
Predicting the price of Bitcoin (BTC) for the next week with certainty is impossible. The cryptocurrency market is highly volatile and influenced by numerous factors. However, we can analyze the current chart and consider potential scenarios based on technical analysis:
Factors to Consider
Technical Indicators: As I analyzed the 4-hour timeframe, it's suggests bearish pressure, while the daily timeframe presents a mixed picture.
Support and Resistance Levels:
- The daily EMA(99) around 94,259.55 is a key support level.
- The daily EMA(25) around 97,426.99 is a potential resistance level.
Market Sentiment: News, events, and overall market sentiment can significantly impact Bitcoin's price.
Volume: Changes in trading volume can indicate the strength of a trend.
Potential Scenarios for Bitcoin
Bearish Scenario (Continuation of Downtrend):
- If the price breaks below the daily EMA(99) with increasing volume, we could see a further decline.
- Potential targets could be the recent swing lows on the 4-hour chart or even lower levels.
- This scenario is supported by the bearish signals on the 4-hour timeframe (by the time of this writing)
Consolidation/Sideways Movement:
- The price might consolidate between the daily EMA(99) and the daily EMA(25).
- This scenario is possible if the market lacks a clear direction or if buyers and sellers are in a stalemate.
- This is the most likely outcome, due to the mixed signals.
Bullish Reversal (Recovery):
- If the price manages to break above the daily EMA(25) (by this time of writing) with strong volume, we could see a bullish reversal.
- Potential targets could be higher resistance levels or even a retest of previous highs.
- This is the least likely outcome currently, but still possible.
Probability
Consolidation/Sideways Movement: Most likely.
Bearish Scenario: Likely.
Bullish Reversal: Less likely.
Trading Strategy:
Cautious Approach: Given the uncertainty, a cautious approach is recommended.
Monitor Key Levels: Closely monitor the daily EMA(99) and EMA(25) levels.
Wait for Confirmation: Wait for clear confirmation of a trend before entering a trade.
Risk Management: Use stop-loss orders to manage risk.
Short-Term Trades: If trading short-term, focus on the 4-hour timeframe and be mindful of potential support levels.
Long-Term Trades: If considering long-term trades, wait for a clearer trend on the daily timeframe.
Key Level Scenario
Well, the cryptocurrency market is highly unpredictable, and any of these scenarios could play out. How ever, here's my Key Level Scenario for Bitcoin:
It's likely to make one more top, within range 120000 to 150000 based on The Fibonacci Levels. (I'm so sorry, I'm too lazy to draw the line).
There're 2 possibility for this scenario, first we botomed already in the 4 hour timeframe last swing low and will be going up to catch for the next ATH from now. This will be invalidated if the price breaks below that recent swing low, and we go to the second condition, the price might be aiming to the support zone, around 78000 to 88000, and we climb again from that point.
If 78000 won't hold, it's likely for Bitcoin to swift to the bear market, and might be wanting to circulated around 35000 to 40000 for the accumulation phase again.
Always do your own research and consider your risk tolerance before making any trading decisions.
Last but not least, as always, this is just my speculation purely, remember that this is not financial advise and should not be considered into one. Always choose your position calmly, trade wisely and may you always be happy, healthy and wealthy. Happy trading and wish you huge profit. Cheers... 🍻
