BTC/USDT : Where are we heading to ? 12K or 100K ?!

BTC/USDT : Where are we heading to ? 12K or 100K ?!

BITSTAMP:BTCUSD
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 bearish pennant , The mentioned is formed in 30Min’s chart and it’s about to break below the pennant !
I’ll pause the short-term scenario here and discuss more about our macro picture.
The current daily chart above, Is a kind of bullish 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 bullish 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 bullish scenario, But what is the 2nd scenario ?

– 2nd bullish Scenario, Daily Demand :
There’s a daily demand zone 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 bullish 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 support zone , Which have EMA200 now.

🔰 Now we’ll head to our mid-term and bearish scenarios ! Follow me 👇🏼

– 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 bullish 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 support level and the 2nd level will be our lower support zone 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 support zone !
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…

Bearish Scenario, DXY chart and GOLD / COPPER Ratio :
There are two factors that making #BTC approximately bearish !
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.

As you can see there are multiple negative correlation points between #BTC and #DXY and now; #DXY has broke above an important resistance zone and it’s kinda bad for #BTC if it’s going to move further !

📑 Conclusion :
#BTC is holding it’s bullish bias in daily TF and it’ll be defended as #BTC is moving above $61K’s support level !
If #BTC lose the interest there, Then there’ll be an immediate drop to lower support zone located at 57K, It’ll be the last hope before any possible crash for bulls.
Also there is a bullish breakout on #DXY and bullish 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 !

Hope you enjoyed the content I created, You can support us with your likes and comments !
Attention: this isn’t financial advice we are just trying to help people on their own vision.

Have a good day!
@Helical_Trades