BITCOIN short-long term overall view - BTC.P

٦ أكتوبر ٢٠٢٣

#BTC

I made this channel 13th of June 2022 right at the first yearly bottom of this year. Weekly timeframe.

Since then, I have never touched this trend channel.

Today, we have been testing this trend channel several times on the daily chart since the 23rd of June of this year.

Our chances of breaking out are increasing with daily attempts to break the trend line resistance.

IMO, I believe the probability for that to happen increases by the day.

Let's zoom in on the 2nd daily chart and have a look.

For confirmation, all we need is one daily green candle close above the channel trend line.

#BTC

٦ أكتوبر ٢٠٢٣

تم فتح الصفقة

Zooming into the daily chart, we can see that the probabilities for a breakout are increasing by the day.

١٢ أكتوبر ٢٠٢٣

تم فتح الصفقة

Update:

We got rejected once again from this heavy trendline.

It seems that we are playing around this area quite a lot and perhaps we continue to build a market structure base between 25k and 30k before making a decision.

Nonetheless, the continuous puncture of the downsloping trendline weakens its resistant nature the more it gets tested. The same applies to the short-term bottom at 25k.

Short-term resistance is in red and support is in blue.

To keep in mind:
The curved bottom pivot point in yellow has not yet been taken out.

Short-term projection:
The chances of taking out the curved bottom pivot point is another probability of flushing out long orders.

If the probability of going sideways till the end of the year is realized, the green vertical line with a question mark could be the pivot point where we make a final decision for a direction.

This is based on my view originating from the current market structure bottom range at 25k (white thick parallel line) and the top trend channel line drawn in 2022 (this white line). Their convergence resulted in a pivot point that ends in 23th of December this year.

-H

١٠ نوفمبر ٢٠٢٣

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Short update:


BTC has reached the first weekly order block touching perfectly the upper resistance border-line and nicely consolidating in the trading block area before continuation.

We have two more weekly trading blocks above converging with Fibonacci levels.

With the ETF expectations, I see a move that will surprise most creating a massive FOMO movement.

Lastly, the MAXPAIN level must be reached to ignite and incentivize the FOMO catalyst.