🔥 Bitcoin's Outlook For The Coming Days
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This post is a continuation on the Bitcoin analysis I made yesterday. Please take a look at that particular post here:
Bitcoin did indeed fall through the 36.5k support, but failed to fall further towards the predicted 34k support area. Instead, we've seen two strong reversals from the 35k area. These reversals couldn't make it past the neck area of the Head & Shoulders pattern of a few days ago.
At the moment, Bitcoin is trading in a range between ~34.5k and ~37.2k. These two areas are the main short term support and resistance. We're clearly in some kind of area of distribution.
Question is, are we going up or down after this distribution. In case we can have an hourly close above 37.5k, I think this "mini dump" of the past two days is over, and we might retest 40k again in the near future.
Personally, I'm edging towards a more bearish outlook. We're still trading in a long-term bearish trend, plus we failed to breach the 40k resistance for several times. So, in case the 34.7k channel support fails to hold this weekend, I think we might be heading back to 31k, with a wick potentially extending to 30k or lower.
On the other hand, I'm confident that the 31k area will hold and will function as a spring, launching BTC back towards 40k. This move would create a longer term horizontal channel between 40k and 30k, making it an ideal area for whales to scoop up cheap Bitcoin and pushing the price upward, hopefully towards 50k or beyond.
Happy trading!
Bitcoin did indeed fall through the 36.5k support, but failed to fall further towards the predicted 34k support area. Instead, we've seen two strong reversals from the 35k area. These reversals couldn't make it past the neck area of the Head & Shoulders pattern of a few days ago.
At the moment, Bitcoin is trading in a range between ~34.5k and ~37.2k. These two areas are the main short term support and resistance. We're clearly in some kind of area of distribution.
Question is, are we going up or down after this distribution. In case we can have an hourly close above 37.5k, I think this "mini dump" of the past two days is over, and we might retest 40k again in the near future.
Personally, I'm edging towards a more bearish outlook. We're still trading in a long-term bearish trend, plus we failed to breach the 40k resistance for several times. So, in case the 34.7k channel support fails to hold this weekend, I think we might be heading back to 31k, with a wick potentially extending to 30k or lower.
On the other hand, I'm confident that the 31k area will hold and will function as a spring, launching BTC back towards 40k. This move would create a longer term horizontal channel between 40k and 30k, making it an ideal area for whales to scoop up cheap Bitcoin and pushing the price upward, hopefully towards 50k or beyond.
Happy trading!
Ghi chú
Coming close to 34k resistance. Expecting some consolidation before continuing the downwards move.Ghi chú
34k support broken. Prepare for next stop 31k. Big sell-off is not happening, it's more of a continued bleed.Be prepared for a potential strong drop in the near future.
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