As I can see, it is possible that a range is going to be formed for BTC prices: range's low would be $35000 and range high is $38000. It's important to keep in mind that deviations from this range would happen because the aggressivity of buyers or sellers when news come.
My short-term scenario of preference is an accumulation following Wyckoff method. The main moves are presented in chart. The final target when accumulation will be done is $42000s (Fib 0.618). A rejection would happen at that level ($42000s).
Please refer also to my mid-term and long-term analyses for BTC in the link below. To summerize:
- Short-term: Bullish
- Mid-term: Bearish
- Long-term: Bullish
Trading in the range is quite challenging so take care and good luck!
Disclaimer:
This analysis is based on my personnal views and is not a financial advice. Risk is under your control.
Note
Finally, after a week, BTC is now in the Supply area. I expect a rejection here, as planned:Note
In my opinion, the rejection has been confirmed. I'm waiting for BTC at $34500- $35000 area for potential Longs.Note
BTC retested the range high and is being rejected again. Here is my Short setupNote
My TPs are: TP1 = 36000 TP2 = 35300 TP3= 34970Trade closed manually
I close the Short and this analysis.I'll update with a new one.
Thanks for reading.
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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.
Related publications
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.