#BTC A New High This Month or Another Dip?!#BTC A New High This Month or Another Dip?!
Although we take the bearish side, we cannot be biased when we explain movement on the chart, so in this update, we will try to explain the movement and the potential scenarios for bullish and bearish sides and where are the most important levels for both.
if we checked daily TF we can see BTC ranging between $30K and $42K since breakout$ 30K on 2 Jan, So we can easily identify how these levels for important for the current movement due to all of this rebound from $30K make it as As a psychological barrier for traders at the present time and also $42K key resistance and fomo area!!
At the same frame, we can see a Descending triangle (continuation pattern) we drew many times in the last updates but as you can see price broke out the pattern, and price very close from key resistance at $42K
for bullish people based on this pattern if BTC breakout $42K and closed above it weekly or daily the targets will be
$45K
$48K
$51K
$54K
and these are the most important levels above $42K and the weekly or daily close Is the confirmation sign for them.
But the bearish traders looking for a double top pattern from $42K or spring to $45K and 2B pattern or shark pattern near it and many potential patterns support their view. and if any pattern of this succeeded, the price can dump easily, to $30K and lower to $23K.
Here our advice, the current market structure It goes in favor of the bulls and gives a good opportunity for the bears to open short positions from higher levels so you should care about the current moment and Trade What’s Happening… Not What You Think Is Gonna Happen" and at the same time you should have an idea about the most important levels for both market sides to avoid panic or fomo and stay safe.
Trading advice:
$38K$34K is a good trading area with a stop-loss below $33K if the price closed below $33K daily, space will be free for bears but if you decided to trade current moment be sure you follow risk management. due to we can see some tricks in the current move.
for us, we will avoid trading in the current time and We will suffice with this position from $32K.(shared with you in previous updates)
What is our prediction for the next movement?!
our view still bearish as you know and as long as btc didn`t close breakout the previous high at $42K daily ( During that we trade what happening). so if there any long chance with good R:R supported by the movement we will share it with you ( Don`t care about our prediction It is subject to success or failure, the final word is for chart)
Remember,
The person who is obsessed with bullish thought can extract 10000 scenarios for bullish movement and the same with a bearish person.
for us, we extract both sides and we define the best buy /sell zone and trade based on that, and what we care about is what happens.
Ps:
We don't short btc or using leverage or trading BLV tokens!! our signals for spot trading only.
Also, The TA updates is an explanation for market movement(not mean buy or sell) We will tell you to buy or not through a clear signal with clear targets and stop-loss risk management, etc, not anything else.
This is not financial advice, The purpose of these Charts to give you an idea about coin movement (not buy or sell signal) so before following any idea be sure to do your own research, and follow your risk management. Also, the information we mentioned here is a personal effort that is subject to success or failure and we welcome constructive criticism.
Press "like button" and leaving your "comments" below our ideas is a great and supports us provide more ideas.❤️
Good luck to all.
we ask Allah reconcile and repay🙏
