Many indicators show that BTC may form the final bottom in this cycle. But is it really confirmed?
Following the Wyckoff method, it suggests why this hypothesis would become more and more realistic.
I've already made a Wyckoff analysis but I would like to make it simpler with this new one.
Based also on key levels (Fibonaci and main supply/demand areas), the prediction would be correct or completely wrong at the end. But I hope that this chart would be useful in midterm.
All the best!
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BTC consolidates in a box and need one 4H-candle closing above $23300 to reach the important resistance $25300
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In my opinion, the next LPS action is starting and BTC would go to test the $24000 $25000 range.
Holding this levels, $28000 is the next and the hardest one to break.
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$25300 is the next resistance to break. I expect a pullback here and BTC will take some (short) time to consolidate between $24000 and $25300. If so, we will focus on Altcoins which will outperform BTC during its consolidation.
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It's quite a long time we haven't seen a daily green candle of 10%. Real pleasure for the eyes
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BTC was pulled back after touching $25300 (resistance) as expected. In my opinion, this leg-up (phase-D of Wyckoff accumulation) to $28000 is still intact.
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I recall this analysis as another view of BTC to prepare for the next move which would be big.
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On this 2D-TF analysis, we can see that prices touched the Fib 0.236 level and stops moving up. Consolidation below the key level is still on-going. In this analysis, one can see the current support level is around 24K-25K, in case of rejection by Fib 0.236. Need to watch these levels.
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The key level $28500 broken without pullback to $25000. This shows that BTC is strong and it may go directly to 36000s
I am thinking that we might go back down. I am beginning to agree with this guy
evasivesteering
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@aialchemist, Thanks for the info. It's a nice analysis and also possible scenario. In my opinion, we should trade level-to-level although everyone has his longer term prediction. Here is my current short-term view of BTC that I'll update gradually
hmm I don't think current macro climate means it's this simple.
evasivesteering
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@Stuartm190, Thanks for sharing your view. I'm completely awared of this risk. However this is my scenario until the next FOMC meeting in mid March. In any case, we'll adapt our trading plan (certainly) to markets' change for short-term trading.
TradingShot
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Solid idea, check ours too:
evasivesteering
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@TradingShot, Thank you for your comment and for your analysis. It's just great!