Hello everyone 😃
Before we start to discuss, I would be glad if you share your opinion on this post’s comment section and hit the like button if you enjoyed it !
#BTC has reached a new ATH located at $69000.00, However the ATH’s conquering didn’t last long and some of the bears set their orders above and formed a sell wall there.
Now #BTC is moving at $64814.06 on current market price into a , The mentioned is formed in 30Min’s chart and it’s about to break below the !
I’ll pause the short-term scenario here and discuss more about our macro picture.
The current above, Is a kind of charts formation but as we speaking, There’s support on gold / copper ration, Which is not good for Crypto and stocks in historical marks !
– Notice that in the past when gold-copper ratio turned up from a multi-year support stock slowed down or even fell sharply.
If that’s the case, then investors will pull their money out of cryptos as well.
📍 So we’ll try to find a clearer vision on #BTC to lead our portfolio and maximum our management on it.
– 1st Scenario, Dynamic lines :
There are are two dynamic lines located below the current rate, One of them is a simple support line and the other is the dynamic S/R line.
On our 1st scenario we’ll look for this lines to develop the movement on it. If they hold the pair, #BTC will definitely bounce to the higher levels and mentioned targets !
If they lose their susceptibility then we’ll head to our 2nd scenario, But what is the 2nd scenario ?
– 2nd Scenario, Daily Demand :
There’s a daily formed on the 57K’s level, Which was a pullback point to 28th October’s candle, The beginning candle to #BTC’s new ATH .
If we lose the dynamic lines, Then we might see a strength in 57K’s level, Which means that bulls are defending their last stiff hope to HOLD the market into a bias !
But If they lose their buy walls dip there, Then there won’t be any more zones to defend the #BTC’s bullishness, We’ll face a correction in macro view to 45K’s level, Which is a FIB’s 0.5 level to retrace base on our last ATH located on $67000.00.
Have to mention that we can also take a hold on 50K’s lower , Which have EMA200 now.
– Mid-Term Scenario, Buy setup with low risk :
As we talking above, Our important levels are : $62800.00 – $61390.00 and $56818. 05
These are the levels that bulls will hold to stay in bias, Now we are going use this opportunity as a buy signal that two of the levels are rarely near to each other !
Recently I shared an update on my last ideas about #BTC’s 30Min chart on DOT and SOL idea, I said we might retest the lower support near to 63K and 61K’s level.
Currently we reached our 1st target and it’s the time to secure our position, I’ll close the last one and open another one with low risk engagement on my portfolio !
There are two entries for this kind of position, 1st one is located at current market price because of the EMA100 and the and the 2nd level will be our lower near to the stop-loss; Have to mention that we have EMA200’s support there as well.
So we can double our chance to use this LONG if we have the chance to retest the lower !
The targets of this position are mentioned on chart and it’s good to have your own research before enter this position, Also I managed to set my stop-loss below $61350 level to secure my position of the possible stop-hunts…
– Scenario, DXY chart and GOLD / COPPER Ratio :
There are two factors that making #BTC approximately !
The 1st factor is about GOLD / COPPER Ratio that we talked about it earlier above, And the 2nd factor is about the #DXY’s negative correlation with #BTC’s chart.
📑 Conclusion :
#BTC is holding it’s bias in daily TF and it’ll be defended as #BTC is moving above $61K’s !
If #BTC lose the interest there, Then there’ll be an immediate drop to lower located at 57K, It’ll be the last hope before any possible crash for bulls.
Also there is a breakout on #DXY and pullback on #GOLD/#COPPER and both of them have negative correlation with #BTC on historical charts..
– At the end; have to mention that #BTC is not showing any weakness currently and Taproot & Schnorr signature will be implemented in less than 46 hours and it’s the most important #Bitcoin protocol updates since the SegWit upgrade from 2017 !
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Attention: this isn’t financial advice we are just trying to help people on their own vision.
Have a good day!