Bitcoin seems to be on the verge of the next big move

9. Apr. 2023

Will it be bullish or bearish? We will find out as we go along in the next few days and you are kindly invited to follow my channel and this post where we will daily assess what could happen. I will publish each finding in the comments section below this graph.

Today is Sunday, April 9, 2023, and we can expect significant volatility in the coming week. In the published chart, I offer two scenarios: Bullish and bearish.

As mentioned, we will be monitoring which one will prevail in real-time

Let's take it step by step.

Bullish scenario:

Every currency has its memory, and I have found a very similar price movement to what is happening right now. It relates to the year 2019, and let's see what happened then (shown on the left side of the chart)

1) First, the bottom was reached at 3,150.
2) This was followed by consolidation between 3,150 and 4,200, where a local resistance was created.
3) When this resistance was broken, a weekly candle of 33% followed.
4) A three-week horizontal movement followed.
5) The fourth week saw a Bull run that stopped at 61% of the total decline from ATH, at a price of 14,000.

What do we have now?

Let's assume that the bottom was reached at $15,500, and the first four points from the above text are identical to what happened in 2019.

We also now have three weeks of consolidation candles, and there are chances that the weekly candle of next week will have a strong bullish form, as in 2019.

Bearish scenario:

If you have been on the market for a long time, you will probably agree with me.

There is never just one scenario!

Therefore, it is necessary to be prepared for some negative scenarios.

This one refers to the double top pattern presented on the right side of the graph. Its neckline is at 26,600, and the target is at $24,500 to 25,000.

Okay. We know both scenarios, and now the values that will predict which scenario will come true.

Bullish: A rise above 29,920 opens the door to the bullish scenario. But beware! This rise can only be up to 29,450, and if there is a rejection there, it will be a fakeout. A rise above 30,000 means that BTC can go significantly higher, even up to 40,000.

Bearish: A drop below 26,600 opens the door to a drop to $24,500 to 25,000.

We will find out which of these will happen in real-time, and you are kindly invited to follow this post.

P.S. Today is Sunday, April 9, 2023, and nothing will happen.
P.S.S. I expect more action from tomorrow onwards.
P.S.S.S. I expect the main move on April 14, 2023.





Regenerate response

10. Apr. 2023

Anmerkung

RSI Analysis:

The one-hour timeframe with the overnight rise to 28,530 USD has created a hidden bearish divergence, and this can only be invalidated if it exceeds the level of 29,250 USD.

At this moment, this is unlikely.

10. Apr. 2023

Anmerkung

4-hour timeframe:

At this moment, we also have a hidden bearish divergence on the 4-hour timeframe. This is created with the level of 28,815 USD and can only be invalidated if it exceeds this level.

As we now have a hidden bearish divergence on both the 1-hour and 4-hour timeframes, a correction is very likely.

The target for the correction is around 28,080 USD, but because we have a CME gap down to 27,970 USD, it could also fall to that level.

The last acceptable limit to which it can fall is at 27,800 USD, and if this level is lost, then the correction can continue down to 27,500 USD or even 27,200 USD.

At this moment, buyers are in control and want to push the price higher. As mentioned, they need to push it up to at least 28,815 USD as quickly as possible. If this happens, there will be opportunities for a rise up to 29,250 USD.

10. Apr. 2023

Anmerkung

The scenario remains unchanged. To the upside, BTC must break through 29,200 USD, and to the downside, it must not fall below 26,600 USD.

10. Apr. 2023

Anmerkung

The bullish scenario is in progress.

All hidden bearish divergences have been erased and are no longer valid.

However, it still needs to surpass the level of 29,450 USD and from there on, the chances of it rising above 30,000 USD will increase.

11. Apr. 2023

Anmerkung

Bitcoin has broken out of the consolidation range and we can now say that the bearish double top scenario is invalidated.

Buyers are strong and in the coming days, we can expect them to take advantage of any hidden bullish divergence, and we can expect the true rise to just begin.

Now we are interested in the bullish scenario.

If we make a comparison with the fractal from 2019, after a 3-week consolidation within a horizontal range, a green candlestick followed at 15%, and if history repeats itself, we can expect a rise to 32,700 by the end of the week.

In summary, we are in a positive scenario, and trading accordingly is necessary.

11. Apr. 2023

Anmerkung

The comparison of RSI with 2019 is also very interesting.

At that time, we had a slight bullish divergence created within the consolidation range on a weekly timeframe, and this time we had a completely identical situation. This means a double bottom in price and a lower bottom in RSI.

As a result, a breakthrough occurred in the consolidation range upwards at that time.

Now we should be interested in when and where we can expect the top?

In 2019, the top was reached when a 0.786% correction of the entire decline from the 2019 top to the bottom was reached, and when a regular bearish divergence was subsequently created.

At this point, BTC is showing us the possibility of an identical scenario.

This means that we will recognize the top after the RSI on a weekly timeframe
reaches 0.78% and when a regular bearish divergence is created. However, we must also allow for the possibility of a double or triple bearish divergence.

We are still far from there, and when we get closer, we will look for the top.

11. Apr. 2023

Trade geschlossen: Ziel wurde erreicht

This idea is now concluded and the bullish scenario has been realized.

I will no longer be posting updates on this thread and invite you to join me on my Telegram channel where I publish detailed BTC analyses and personal observations every day at 10:00 AM (UTC +2).

You can join the Telegram channel here:

t.me/KriptoClubBTC