Updating my bigger picture analysis to focus on smaller timeframes. Overall thesis hasn't changed though.
While alts have taken a beating lately, BTC has remained relatively steady. I still think there's a little bit more downside in BTC, to around $24.3k, which is where I'm bidding for a long. If this happens, I'm anticipating alts to take another big hit (another 30-50% downside).
If price holds support there, then I think there's still decent upside over the next couple of months.
I'm looking for price to hold support at $24.3k, and then to head much higher from there. I do think that BTC can make it up to at least the
36K resistance, but also think there's a possibility that it can touch the grey area $40k+ target. I think this move would need to play out sometime between now and August.
I've marked off key resistance levels on the way up, could be good places to take profits as BTC moves higher.
Let's see if it plays out.
While alts have taken a beating lately, BTC has remained relatively steady. I still think there's a little bit more downside in BTC, to around $24.3k, which is where I'm bidding for a long. If this happens, I'm anticipating alts to take another big hit (another 30-50% downside).
If price holds support there, then I think there's still decent upside over the next couple of months.
I'm looking for price to hold support at $24.3k, and then to head much higher from there. I do think that BTC can make it up to at least the
36K resistance, but also think there's a possibility that it can touch the grey area $40k+ target. I think this move would need to play out sometime between now and August.I've marked off key resistance levels on the way up, could be good places to take profits as BTC moves higher.
Let's see if it plays out.
Note
Note: If BTC breaks support at $24.3k, the 200DMA is at $23400 or so. I'd expect a reaction there. I'm being cautious in my entry. Will likely wait to go long until I see a strong reaction instead of having an open limit order.
Note
Hmm...after relooking at this chart, a support looks like it's missing a test. Let's see if we get it.Note
$23200-$24.3k.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.