In this idea I will be breaking down how price action has played out in relation to my last idea and what the next move for Bitcoin is likely to be. To review my last idea, refer to this post:
I made that post two days ago outlining what Bitcoin was most likely to do following the lower timeframe breakout it was seeing. Here were the two likely scenarios I outlined:
Scenario 1: Price would instantly drop back down to the black trendline and test it as new support, labeled "Watch for Any Retests" on the chart.
Scenario 2: Price would continue climbing toward the red box, see a selloff from that lower timeframe supply zone, then drop back down to the trendline to complete the retest before continuing higher.
Scenario 2 played out with remarkable accuracy. Let's break it down.
Upon the breakout, price continued climbing toward the red box. I had outlined that the primary part of this zone on the 4H sat between $65,700 and $66,300. Price rallied to a pivot high of $65,600, just $100 shy of the bottom of that red box, before beginning to sell off from the lower timeframe supply zone exactly as predicted. The very next day, price created two lows right at the trendline to complete the retest. Both tests were successful and volume supported, adding an additional layer of confluence for the continuation of the upward move.
Everything has moved in step with the original prediction.
Therefore the upside move is likely to continue, especially with trend momentum rising and volume climbing alongside it. What I want to see next is Bitcoin break inside the red box (LTF Supply Zone) and eventually start closing daily candles above $66,300.
Once those key closes occur, it should flip that former supply zone into a new demand zone for algorithmic buyers, giving BTC the fuel needed to climb toward the upper target zone above $70,000. The primary range is between $72,000 and $74,000, with a sweet spot around $73,150 based on the 1.618 extension target for where Bitcoin could see its next macro lower high.
I made that post two days ago outlining what Bitcoin was most likely to do following the lower timeframe breakout it was seeing. Here were the two likely scenarios I outlined:
Scenario 1: Price would instantly drop back down to the black trendline and test it as new support, labeled "Watch for Any Retests" on the chart.
Scenario 2: Price would continue climbing toward the red box, see a selloff from that lower timeframe supply zone, then drop back down to the trendline to complete the retest before continuing higher.
Scenario 2 played out with remarkable accuracy. Let's break it down.
Upon the breakout, price continued climbing toward the red box. I had outlined that the primary part of this zone on the 4H sat between $65,700 and $66,300. Price rallied to a pivot high of $65,600, just $100 shy of the bottom of that red box, before beginning to sell off from the lower timeframe supply zone exactly as predicted. The very next day, price created two lows right at the trendline to complete the retest. Both tests were successful and volume supported, adding an additional layer of confluence for the continuation of the upward move.
Everything has moved in step with the original prediction.
Therefore the upside move is likely to continue, especially with trend momentum rising and volume climbing alongside it. What I want to see next is Bitcoin break inside the red box (LTF Supply Zone) and eventually start closing daily candles above $66,300.
Once those key closes occur, it should flip that former supply zone into a new demand zone for algorithmic buyers, giving BTC the fuel needed to climb toward the upper target zone above $70,000. The primary range is between $72,000 and $74,000, with a sweet spot around $73,150 based on the 1.618 extension target for where Bitcoin could see its next macro lower high.
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Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.