Bitcoin (BTCUSD) is having a strong 1D candle today, rebounding back to test its 1D MA20 (black trend-line). This is a critical moment as in relative terms, we are on the exact same spot as when the May (on the 25th) and January (on the 28th) Rounded Top Market formations started to break to the downside and initiated very aggressive corrections.
Additionally, today's 1D MACD and CCI patterns are almost identical to those of those two previous market Tops, the MACD still falling after a Bearish Cross, while the CCI is rebounding after marginally breaching -100.00.
This time BTC also faces, as we all know, the enormous bearish pressure from the 1W MA50 (red trend-line), which is the Bear Cycle's natural Resistance and has failed to break above it despite three straight weeks of testing. Essentially the 1W MA50 along with the 1D MA20 created our current Resistance Zone.
As long as it holds, BTC could follow the path of the previous two Bearish Legs that both hit their Rounded Tops 3.5 Fibonacci extensions. Based on that, the Target should be $61500. This falls almost in the middle of the 1W MA200 (orange trend-line) - 1W MA250 (yellow trend-line) Support Zone. The latter (1W MA250) is where the July 01 bottom was priced.
If BTC avoids the current enormous Resistance pressure an closes above its 1W MA50, then finally the new Bull Cycle can be confirmed. Enormous returns are expected for yet another Bull Cycle, so take advantage of this confirmed opportunity.
So do you think 1W MA50 will finally break or $61500 is in the cards? Feel free to let us know in the comments section below!
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Additionally, today's 1D MACD and CCI patterns are almost identical to those of those two previous market Tops, the MACD still falling after a Bearish Cross, while the CCI is rebounding after marginally breaching -100.00.
This time BTC also faces, as we all know, the enormous bearish pressure from the 1W MA50 (red trend-line), which is the Bear Cycle's natural Resistance and has failed to break above it despite three straight weeks of testing. Essentially the 1W MA50 along with the 1D MA20 created our current Resistance Zone.
As long as it holds, BTC could follow the path of the previous two Bearish Legs that both hit their Rounded Tops 3.5 Fibonacci extensions. Based on that, the Target should be $61500. This falls almost in the middle of the 1W MA200 (orange trend-line) - 1W MA250 (yellow trend-line) Support Zone. The latter (1W MA250) is where the July 01 bottom was priced.
If BTC avoids the current enormous Resistance pressure an closes above its 1W MA50, then finally the new Bull Cycle can be confirmed. Enormous returns are expected for yet another Bull Cycle, so take advantage of this confirmed opportunity.
So do you think 1W MA50 will finally break or $61500 is in the cards? Feel free to let us know in the comments section below!
---
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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I trade Crypto, Forex, Indices, Commodities on PrimeXBT— all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
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I trade Crypto, Forex, Indices, Commodities on PrimeXBT— all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
💰Message me for TradingShot Account Management| +20% monthly profit| Min. capital $30k| Solid risk-management
💰Message me for TradingShot Account Management| +20% monthly profit| Min. capital $30k| Solid risk-management
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.