Bitcoin / TetherUSPanjang
btcusd fast update
Hey everyone, here's a quick update on the BTCUSDT situation following yesterday's analysis.
I've made some adjustments to the trendline on the daily timeframe. I consider the movement on July 28th and 29th to be a fakeout, as it coincided with a range left behind since the first week of June. The pattern and type of candles, including a bullish engulfing followed by a doji and a star, further support this view. A bearish engulfing candle absorbed the movement, reinforcing the idea of a fakeout rather than a genuine breakout and reversal.
Even when we look at lower timeframes, the weak buying power becomes evident from the range created on June 29th.
Returning to today's scenario, the graph has recovered as expected, and the strong reaction of bearish candles indicates a willingness of the price to break out of this prolonged range. The drawdown was necessary and thankfully it occurred. Looking ahead, the future perspective is positive: the price is condensing and is likely to form a flag pattern. The targets remain around 69-70k, coinciding with the 0.27 on the weekly timeframe and the last Fibonacci target on the daily chart.Hey everyone, here's a quick update on the BTCUSDT situation following yesterday's analysis.
I've made some adjustments to the trendline on the daily timeframe. I consider the movement on July 28th and 29th to be a fakeout, as it coincided with a range left behind since the first week of June. The pattern and type of candles, including a bullish engulfing followed by a doji and a star, further support this view. A bearish engulfing candle absorbed the movement, reinforcing the idea of a fakeout rather than a genuine breakout and reversal.
Even when we look at lower timeframes, the weak buying power becomes evident from the range created on June 29th.
Returning to today's scenario, the graph has recovered as expected, and the strong reaction of bearish candles indicates a willingness of the price to break out of this prolonged range. The drawdown was necessary and thankfully it occurred. Looking ahead, the future perspective is positive: the price is condensing and is likely to form a flag pattern. The targets remain around 69-70k, coinciding with the 0.27 on the weekly timeframe and the last Fibonacci target on the daily chart.
I've made some adjustments to the trendline on the daily timeframe. I consider the movement on July 28th and 29th to be a fakeout, as it coincided with a range left behind since the first week of June. The pattern and type of candles, including a bullish engulfing followed by a doji and a star, further support this view. A bearish engulfing candle absorbed the movement, reinforcing the idea of a fakeout rather than a genuine breakout and reversal.
Even when we look at lower timeframes, the weak buying power becomes evident from the range created on June 29th.
Returning to today's scenario, the graph has recovered as expected, and the strong reaction of bearish candles indicates a willingness of the price to break out of this prolonged range. The drawdown was necessary and thankfully it occurred. Looking ahead, the future perspective is positive: the price is condensing and is likely to form a flag pattern. The targets remain around 69-70k, coinciding with the 0.27 on the weekly timeframe and the last Fibonacci target on the daily chart.Hey everyone, here's a quick update on the BTCUSDT situation following yesterday's analysis.
I've made some adjustments to the trendline on the daily timeframe. I consider the movement on July 28th and 29th to be a fakeout, as it coincided with a range left behind since the first week of June. The pattern and type of candles, including a bullish engulfing followed by a doji and a star, further support this view. A bearish engulfing candle absorbed the movement, reinforcing the idea of a fakeout rather than a genuine breakout and reversal.
Even when we look at lower timeframes, the weak buying power becomes evident from the range created on June 29th.
Returning to today's scenario, the graph has recovered as expected, and the strong reaction of bearish candles indicates a willingness of the price to break out of this prolonged range. The drawdown was necessary and thankfully it occurred. Looking ahead, the future perspective is positive: the price is condensing and is likely to form a flag pattern. The targets remain around 69-70k, coinciding with the 0.27 on the weekly timeframe and the last Fibonacci target on the daily chart.
Nota
Today, October 7th
The range's lower bounder was quite respected, not a real sniper shot, but it was still quite good, it was a hit zone. The zone must be adjusted to the 0.618 Fibonacci. This adjustment also changes the target daily, moving the target zone between 68k and 68.5k USD.
The liquidity zone is around 67k, according to the Liquidation Heat Map.
Weekly, the analysis stood. The bullish run should reach the 70k zone meanwhile, a bearish scenario could bring the price curve down to around 57k, which is also a high liquidation zone, so I'll expect a strong movement around that area.
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