BTC 1D Weekly section: Bitcoin weekend №16

23 Jul 2021

Somehow it so happened that we haven’t written a review for the BTCUSDT pair for a long time, we heard you: from us thoughts on the market, and from you like and comment under the idea)

Now the price of BTCUSD is approaching the critical liquidity zone of $33000-34000:
— If the price can gain a foothold above it, then the path will open for growth to $38,500-40,000
— If the fall continues in the coming days, the nearest support will be the level of $30,500.

In general, only the weekly candlestick looks more or less on growth, all the smaller time frames do not inspire strong hope for positive.

One more fact: the 2020-2021 growth trend in Bitcoin lasted 400 days, in Alts +/- 430 days, and the current correction of the BTC market lasts 100 days, and in Alts 70 days. It turns out proportionally that the corrections are a little small.
In our opinion, you should set your mind, psyche, and patience that a full-fledged growth trend may begin a little later, and now the maximum that the market can squeeze out of itself is a corrective upward rebound.

If we calculate proportionally, then the correction of the BTCUSDT price should last at least 150 days, perhaps even 200 days, and Alt's from 160 days. Based on this assumption, one should not expect the start of a full-fledged growth trend as in March 2020, earlier than September-October 2021.

Another argument for this assumption, you can take our idea with a fractal, which we published on 17.05.2021 before the start of the massive drain on the crypto market.

And the first version of the idea with a fractal, where we began to warn that the market was overheated, and a strong fall could not be avoided, we published in general on 02/28/2021. We saw the first warnings from the market that it was unfolding, 2.5 months before the massive May drain.

Then few people believed in such a scenario in the future, but we do not suffer from “Wishing” and do not demand anything from the market, but only describe what we see on the chart.

Use our ideas for your profit, because who knows how long we will publish our ideas here… Desire, time and motivation disappear and are redirected to other channels)

Now there are three routes for the coming months:
1) white is the most positive — either after a correction by $30,500 or after fixing above $34,000 — a path will open for growth into the $38,500-40,000 zone
2) blue is the hunt for stops that are hidden below the previous low of $28,800. For more than a month, many buy walls stay around $28,000, breaking them down can lead to a squeeze up to $27,000, or even lower, and fill hidden buy orders.
3) red is a sad but realistic scenario. Indeed, since December 2020, there is an unfilled gap in the range of $23800-26650. Therefore, the option of falling into this zone, at least with a squeeze, should not be excluded from the field of vision.

It has been said about the levels of $20,000- $14,000- $10,000 for several months that the fall will be there. Yes, the levels are strong and important in the history of trading, but it is not yet known whether there will be a drop there. Perhaps it is just manipulators that frighten novice traders who have entered the crypto market on a growing wave in order to squeeze out their assets cheaply.

Keep your head cool, everything in life is cyclical and trading is no exception. After the black stripe, a white one will surely come — the main thing is to keep the deposit by that time so that there will be something to trade in the future, so do not rush!
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Since 2016, we have been analyzing and trading the cryptocurrency market.
We transform our knowledge, trading moods and experience into ideas. Each "like under the idea" boosts the level of our happiness by 0.05%. If we help you to be calmer and richer - help us to be happier :)