Hi everyone,
I'm going to look at this 1W chart of BTC the next weeks (and even months) to come.
The current weekly candle's close will be quite tricky and interesting, if nothing change happens in the next 2 hours. Indeed, prices will be found right between the trendline LS0 and the Fib. 0.236 (around $28100). This close makes the next move of BTC (1W TF) a bit difficult to determine with some certainty.
As in the past, during a main trend (UP or DOWN), we can see that when BTC crosses a trendline LSx, it continues the on-going trend to touch the next level. Now, I suppose that the trend is UP and because that LS0 was broken, I expect that the next target will be at the trendline LS1. However, it's not a trivial for BTC to get there.
The first task is obviously to break the Fib 0.236. If succeeding, BTC would reach the following targets
I'll keep also in mind that the weekly support (4) around $24000-$25000 would also be reached in bad case as all scenarios are possible.
What is your plan and your view about BTC?
All the best with your trades!
I'm going to look at this 1W chart of BTC the next weeks (and even months) to come.
The current weekly candle's close will be quite tricky and interesting, if nothing change happens in the next 2 hours. Indeed, prices will be found right between the trendline LS0 and the Fib. 0.236 (around $28100). This close makes the next move of BTC (1W TF) a bit difficult to determine with some certainty.
As in the past, during a main trend (UP or DOWN), we can see that when BTC crosses a trendline LSx, it continues the on-going trend to touch the next level. Now, I suppose that the trend is UP and because that LS0 was broken, I expect that the next target will be at the trendline LS1. However, it's not a trivial for BTC to get there.
The first task is obviously to break the Fib 0.236. If succeeding, BTC would reach the following targets
- (1) $30000 : the level of the wickless weekly trendline
- (2) $35900 : the Fib 0.382. A correction would happen at this level.
- (3) $42250 (expected): LS1 and Fib 0.5. A big correction or even worst will be expected at this level, so be careful if BTC gets here.
I'll keep also in mind that the weekly support (4) around $24000-$25000 would also be reached in bad case as all scenarios are possible.
What is your plan and your view about BTC?
All the best with your trades!
Note
BTC retested the LS0 trendline and seems to bounce. The first target $30000 can be reached soonNote
Here is my view on lower time frame (1H). Possibly a wyckoff accumulation schematic 1 happens?Note
BTC didn't not really move as expected in low 1H TF (see below).Note
On high TF (1W), nothing really change since the beginning of the week. Prices are still between LS0 support and Fib 0.236. Need to wait more for a significant moveNote
BTC almost didn't move much the last week. But a possitive sign is that the previous weekly candle is a green one. Let's see if the target 1 would be reach this week, ie around $30000. Currently, the LS0 support hold well.Note
Another weekly green candle on last week, above the trendline LS0.And BTC is pumping to start a new week...
This plan works well at the moment
Note
Target (1) reachedNote
BTC tries to break the wickless weekly trendline. Closing above $30200 at the end of the week will be a good sign, to reach the target (2) around $36000Note
After reaching the Target (1), the wickless weekly trendline, BTC was rejected by this level. On 1W time-frame, BTC is retesting the LS0 trendline as well as the Fib 0.236.If weekly close is below these level, BTC will lose the positive momentum. Let's wait for this week's close to see.
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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.