Bitcoin is still showing some strong buyside dominance, where after a week of up-and-down movement, this week is giving us a proper bounce from the local sideways channel.
As we see the dominance of the buyside, we are expecting to see the $120K to be reached within days or even weeks, where then we will be looking for either a breakout or a breakdown.
Now we are looking also for the $150K area to be reached but that would be our secondary target once we see the breakout from $120K so eyes on that zone for now!
Swallow Academy
As we see the dominance of the buyside, we are expecting to see the $120K to be reached within days or even weeks, where then we will be looking for either a breakout or a breakdown.
Now we are looking also for the $150K area to be reached but that would be our secondary target once we see the breakout from $120K so eyes on that zone for now!
Swallow Academy
Note
Buyers are showing strong dominance even on the daily timeframe, where currently we are back near the middle line of the Bollinger Bands, retesting the area while buyers try to claim control around the current zone.
As soon as we see that buyers claim dominance and we see similar volume to back the bullish movement, we are expecting to see the movement to the upper side of Bollinger Bands, where then we might be heading for $120K.
Note
Bitcoin is still pushing into the second day of the week, where the price is heading towards the ATH area for a retest and potential breakout (which we have been looking for). Now if we keep that same momentum, we are guaranteed to retest the ATH area, where high volatility can be expected!
Note
Buyers keep the dominance after we had that volatile breakout near $106K. As we see that buyside volume is growing, we are expecting to retest the local ATH, which is basically 1.5K away from the current price (basically nothing).
After that, we are expecting to see some volatility, which eventually will turn into a breakout and a new ATH!
Note
We are dropping hard, where after a clean breakout price is heading now back to the retest area, which will determine the next major movement from here on.
What we are seeking is a successful re-test (which then would trigger our buyside scenario), but if we see that sellers will keep the pressure and take over the control near current region, then we might be looking for slight dip towards the 200EMA line ($104,500)
Note
Bitcoin is bleeding due to the economic news. Escalating tensions between Iran and Israel, with reports of Israel possibly preparing military action against Iran, have triggered a strong selloff on BTC, which might send the price back below the 100K area if buyers do not manage to take back control over the $108K area.
We are in a big tension zones currently so we will be waiting to see how everything escalates. If buyers fail to show dominance anytime this week, we will be switching our view to bearish.
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🚨 Authentic Traders
⚡️ Short-Term + Mid-Term Trades
Keep an eye on us and you will not regret it. 😉
Telegram: t.me/+fiEDSn7M9pJkODA0
⚡️ Short-Term + Mid-Term Trades
Keep an eye on us and you will not regret it. 😉
Telegram: t.me/+fiEDSn7M9pJkODA0
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.