BTC - Price might struggle at $54k-56k zone
Hi guys,
So, Bitcoin has had a green weekend and approached the
54K zone atm, which indicates a ~14% gain since the last long idea. In the last two weeks, we can see BTC touching and getting rejected at the 50k-52k zone and then successfully pumping through. Since we are hitting a considerable resistance zone at $54-56k right now, I anticipate that BTC is gonna follow 1 among three potential scenarios:
1. Green path: If the bullish momentum of BTC is still strong, the price could easily go through this resistance zone and target 60k, then 68k.
2. Yellow path: BTC price can cool down a bit, drop back to 50k-52k to retest the R/S flip (old resistance flips into new support) and also liquidate late longs before moving up.
3. Red path: Of course we cannot rule out the possibility that the pump since March 01 till now is just a dead cat bounce. If this is the case, I anticipate that BTC is gonna retest 48.6k, and then 43k if 48.6k could not hold,...
Given these possibilities, what I will do is: deleverage and holding coins only, wait for a retest at 50k-52k. If price retest and then bounce up, then add leverage again. If 50k fails to hold, I would like to be in cash and reevaluate the price action at that point.
Play it safe, guys.
So, Bitcoin has had a green weekend and approached the
54K zone atm, which indicates a ~14% gain since the last long idea. In the last two weeks, we can see BTC touching and getting rejected at the 50k-52k zone and then successfully pumping through. Since we are hitting a considerable resistance zone at $54-56k right now, I anticipate that BTC is gonna follow 1 among three potential scenarios:1. Green path: If the bullish momentum of BTC is still strong, the price could easily go through this resistance zone and target 60k, then 68k.
2. Yellow path: BTC price can cool down a bit, drop back to 50k-52k to retest the R/S flip (old resistance flips into new support) and also liquidate late longs before moving up.
3. Red path: Of course we cannot rule out the possibility that the pump since March 01 till now is just a dead cat bounce. If this is the case, I anticipate that BTC is gonna retest 48.6k, and then 43k if 48.6k could not hold,...
Given these possibilities, what I will do is: deleverage and holding coins only, wait for a retest at 50k-52k. If price retest and then bounce up, then add leverage again. If 50k fails to hold, I would like to be in cash and reevaluate the price action at that point.
Play it safe, guys.
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