As weak as Bitcoin looked just a few days ago, it now hints at a powerful wave of growth.
Bitcoin's dominance began to grow rapidly. instead, the dominance of USDT hints at a reversal of the global trend from November 2021 for the first time
All this indicates a high probability of a global reversal of the cryptocurrency market.
Although most are set on a continuation of the decline, we are looking for long positions.
Given the fact that Bitcoin's rally may continue without a deep correction, we have highlighted two trades for ourselves.
The short-term trade is based on a local correction in the $21500-21700 range. This range was broken by buyers with great effort. Holding this range on the 4-hour timeframe would mean that the current uptrend continues. The first BTC target is 26400.
In the case of an error and the start of a deep correction, the stop order for such a trade is approximately 2%.
A deep correction will give an opportunity to buy bitcoin in the range of $20,000-20,500. It is from this range that the local growth wave can continue with a target of $30,000. Why do we allow a deep correction scenario? Note that the price of BTCUSDT on the 12-hour timeframe is trying to consolidate above the trend line that was once under the control of the buyers:
Therefore, in the case of continued inhibition of the price near the trend line, the risk of a deep correction will increase.
Well perceived set-up. We are more focused on the long-term which so far seems consistent with previous Cycles despite today's sharp drop due to the CPI:
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Nice chart, perspective scenario, thanks for sharing!)
also what do you think about my chart ? i really appreciate your comment