After BTC Spot ETF was approved, BTC reversed at Fibo Retracement 0.786 ~ $49K. This price adjustment behavior has been repeated many times in previous cycles and I do not find this strange at all. I think that the temporary recovery ended after the period of BTC price increasing very quickly, BTC needs to rest before going into a really strong growth phase in 2024-2025.I hope what you are saying is right. because if it didn't happen like you said and keep dropping then crypto market will bleed so much. BTC himself will probably recover sooner or later, but other altcoins will be severely affected by this and they'll take long time to recover.
Do you think the ongoing correction is good for BTC's long-term bullish trend? In your opinion, to which price zone will BTC adjust before continuing to increase? What methods do you use to identify and predict it?I am unable to say anything about that. Honestly I was not expecting that big correction in btc price. it is a bit unexpecting for me. because I was expecting a big price increase after ETFs approval. but things didn't go as we thought.
I am unable to say anything about that. Honestly I was not expecting that big correction in btc price. it is a bit unexpecting for me. because I was expecting a big price increase after ETFs approval. but things didn't go as we thought.I think the majority of investors were very optimistic when the BTC Spot ETF was approved and expected long-term price increases, but many investors have begun to fear short-term price declines.
The speed of reaching Fibo 0.618 to 0.382 will determine whether we will see levels below $30,000 or whether we will remain between $33,000 to $42,000 for the coming months. The price rebounded strongly today after touching the 38,600 levels, so I think that in the coming days 36,700 will be tested, and if price succeeds in breaking it quickly, we will definitely see levels between $27,000 to $32,000, and if he does not succeed in breaking it, we may not see levels of $20,000 to $30,000 again.I am also monitoring the fluctuations of BTC, currently BTC is back above $40K, this is a good signal that there is a need to collect BTC, not everyone is extremely scared or wants to exit their positions. For me, 3x is nice, 2x is too extreme and could be equivalent to the 2020 correction @@
greedy heads are cooled and the growth trend is reinforced by the support zones below. -cut- so I won't pay much attention to this possibility.These few lines is the moral of the whole story or drama that BTC is performing now. These few words explain it all and I think is the most general explanation of what is happening to BTC right now. To be honest, I am not a technical analyst, I don't use Fibo, I only use support, resistance, and 4EMA to make Support and Resistances and that's it. The reason is I am long-term investor, I did give some time to short-term trading but did not find it to my taste.
Do you think the ongoing correction is good for BTC's long-term bullish trend? In your opinion, to which price zone will BTC adjust before continuing to increase? What methods do you use to identify and predict it?Yeah, I do think the ongoing correction is good for the market, the reason is the same as you have aforementioned, to take big steps or to run a rally we have to take a few steps back. BTC is doing the same, I did not assume till now that BTC could go below $35k but after reading your analysis I am also confused but you also said the probability of it going that low is low :D
Do you think the ongoing correction is good for BTC's long-term bullish trend? In your opinion, to which price zone will BTC adjust before continuing to increase? What methods do you use to identify and predict it?For me, no. Until the price does not go down under the invalidation area I still consider that the price will continue to break the weak high and create a new high. That is my rule in trading in terms of identifying if the trend will continue its trend or a reversal. The concept of market structure is what I am basing to determine my bias and I feel like having this in my analysis in the chart is great, it really helps me to increase the probability of my TA.
These few lines is the moral of the whole story or drama that BTC is performing now. These few words explain it all and I think is the most general explanation of what is happening to BTC right now. To be honest, I am not a technical analyst, I don't use Fibo, I only use support, resistance, and 4EMA to make Support and Resistances and that's it. The reason is I am long-term investor, I did give some time to short-term trading but did not find it to my taste.Thank you for your opinion.
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Yeah, I do think the ongoing correction is good for the market, the reason is the same as you have aforementioned, to take big steps or to run a rally we have to take a few steps back. BTC is doing the same, I did not assume till now that BTC could go below $35k but after reading your analysis I am also confused but you also said the probability of it going that low is low :D
For me, no. Until the price does not go down under the invalidation area I still consider that the price will continue to break the weak high and create a new high. That is my rule in trading in terms of identifying if the trend will continue its trend or a reversal. The concept of market structure is what I am basing to determine my bias and I feel like having this in my analysis in the chart is great, it really helps me to increase the probability of my TA.I really want to know more about your technical analysis method as a reference for BTC's current fluctuations. A picture is worth a thousand words, I hope you can share your analysis on BTC price chart, it will help us understand each other more easily.
Using Fibo Retracement, BTC price has currently decreased from Fibo 0.786 to Fibo 0.618, however this zone does not have any support yet, so I think BTC will continue to decrease to Fibo 0.5 ~ $32K. This was a strong resistance zone in Q2 2023. Once broken, it could become a reliable support zone for BTC's price increase.This is very likely to happen. Indeed, as usual, if Bitcoin will experience an increase, there will be a retest first on certain assets. but the problem is as usual, if there is a price retest in this lower area, people will then panic and the price of Bitcoin will worsen. And that happens often.
I am also monitoring the fluctuations of BTC, currently BTC is back above $40K, this is a good signal that there is a need to collect BTC, not everyone is extremely scared or wants to exit their positions. For me, 3x is nice, 2x is too extreme and could be equivalent to the 2020 correction @@The strength of the rebound from 38k confirms that we will not go far in the correction, so I can say that the long-term bottom contains from 15.6k to 22k to 33k, so the coming months will be boring as the price will not move up or down until May. We will be between $48,000 to $33,000.
I do not think that 32k would be viable either. OP talks about how 22k is not likely because we are getting closer to halving and there is a bgi chance that we may not reach there. But I think its quite obvious that we are not going to end up with 32k either. That doesn't mean to say that we are not going to end up with any of that, we could still end up with a result that would be good, just wait for it. I think we are going to just bounce from that 39k levels and we are going to end u with higher and higher price the more we get closer to the halving period. The testing of downside feels like it might be over.Yeah, I also hope that BTC is supported right at the $39K zone and we will see a re-accumulation or growth of BTC in the next few weeks. If this happens, it proves that BTC's momentum is very strong and we could see an ATH right after the Halving.
This is very likely to happen. Indeed, as usual, if Bitcoin will experience an increase, there will be a retest first on certain assets. but the problem is as usual, if there is a price retest in this lower area, people will then panic and the price of Bitcoin will worsen. And that happens often.$32.5K exists in my prediction as a very quick retest in a weekly candlestick, it should not be a place where the price moves sideways to accumulate. I expect BTC to grow stronger rather than accumulate long-term around Halving.
Anyway, now maybe Bitcoin will return to the lower $39k area, and maybe it will drop a few more times. But if that's true until it reaches the $32k limit, hemm, this will drop very far and will definitely really make the market cloudy. Hopefully the retest won't be that deep.
The strength of the rebound from 38k confirms that we will not go far in the correction, so I can say that the long-term bottom contains from 15.6k to 22k to 33k, so the coming months will be boring as the price will not move up or down until May. We will be between $48,000 to $33,000.Our predictions are the same, I also expect BTC to accumulate in that zone come halving and have enough energy to create a significant growth and pull the entire crypto market into a major bullrun.
After recent Bitcoin spot ETF approved we wished Bitcoin price will increase but we saw it happen fully opposite which we were thought. I am agree with you now happening correction. After correction period Bitcoin price will increase speedily. I think Bitcoin support zone is $38k. And it will back Again.I always support BTC's price increase in both the short and long term. It would be good if we had a strong BTC price increase and optimism in the market at the BTC Halving. I only provide price zones so we can follow and be proactive in the face of major market fluctuations 🚀🚀🚀
And now we are seeing that's happening. And Bitcoin price increasing again. Today Bitcoin price increasing hardly. Today bitcoin price pumped from $40k to $41.5k and now also increasing. And near future Bitcoin halving will happen so i think from now bitcoin price will increase continue slowly and after halving Bitcoin price will increase hardly.
Thank you for your opinion.Yeah, I don't fully understand this tool, but I do understand that if the score went below to 0.618 then the price could touch $32k. I don't want to learn this tool right now, I just don't like the name of this tool it looks difficult to learn it but I guess rare things act like that so not everyone could have them hahaha. I also wish sometimes that I would know the future, I wish I had some time machine.
I hope that I have been lucky enough to tell the story of BTC in a simple and approximate way. I hope that what I expected will happen: BTC continues to move sideways around Fibo 0.618, if the price flash dumps to $32K it will quickly recover right before the halving.
I wish I could predict the future more accurately, but unfortunately we have to accept probability theory because those are the rules of the financial market 😅
Yeah, I don't fully understand this tool, but I do understand that if the score went below to 0.618 then the price could touch $32k. I don't want to learn this tool right now, I just don't like the name of this tool it looks difficult to learn it but I guess rare things act like that so not everyone could have them hahaha. I also wish sometimes that I would know the future, I wish I had some time machine.This is just a simple Fibonacci Retracement tool available on TradingView. I just compared the current price movement and found it quite similar to 2016 and I expect that BTC will repeat the price behavior. This is just a simple prediction, it is not a requirement that BTC must follow ^^
You might find it funny, but sometimes I think about what I was doing 10 years back, I should go back and tell myself to buy as much BTC as I can. But then after processing my mind, I realized, I didn't have the access to internet at that time as I was to young at that time.
Good technical analysis, I agree with you that this is a good correction for BTC and the entire cryptocurrency market. Because falling peaks like this are good behavior, better than harsh and fast candles.I hope that I am lucky to predict the correct fluctuation this time. I also do not sell all BTC to wait for a buyback at $32.5K. I continue to hold strongly and wait for the growth of BTC and the entire crypto market.
In addition, we saw today how Bitcoin rose and more than 4 billion dollars were liquidated. Today, Grayscale sold 11,800 Bitcoin directly to exploit the rise, meaning its value is approximately half a billion dollars.
There is market manipulation, position liquidation, and technical analysis must take into account the movements of the large ETF companies Wallets because they own huge amounts of Bitcoin and have become a major player in the market.
I hope that I am lucky to predict the correct fluctuation this time. I also do not sell all BTC to wait for a buyback at $32.5K. I continue to hold strongly and wait for the growth of BTC and the entire crypto market.
In my analysis, I took into account the impact of buying and selling BTC from GrayScale and the remaining ETFs providers. Things seem quite balanced in the OTC market and have not had a direct impact on BTC prices right now.
Are you confident bitcoin will down $ 32K mate ?Everything is just my prediction for possible scenarios. We have now seen BTC test $39K, a key level, and continue to rise. $32.5K is my expectation zone, not a mandatory zone where BTC needs to retest. In 2016, we only saw one pinbar weekly candle at Fibo 0.5. We will continue to observe BTC price movements over the next few weeks.
because I see bitcoin is increasing now.
Before bitcoin halving, I think it's price will touch $45K.
after bitcoin halving ,I didn't believe bitcoin will have big correction and drop until $ 32K.
But I know, everything can happen at crypto space.
But it seems doesn't make sense.
Let's see..
I want to sell my bitcoin in bullish, if you prediction right, I will buy more bitcoin.