BTCUSD - POTENTIAL Relief Rally & Where it Could Take Us
Hey Folks,
While we are definitely not out of the woods yet, there has been a lot of chatter about a 'relief cycle' and I wanted to present my perspective on how such a cycle could look in the near term.
31K is a significant fib support line, breaking that would mean the next fib support of 20K. If this is the case, we can hypothesize that for us to break this mark, we could need to have a cool down from all of the bearish sentiment. These are all hypotheticals, by the way. Regardless, such a cycle would take us to the next fib resistance, the 42K range, and we can see further downward motion from there.
Be safe out there,
Cheers,
While we are definitely not out of the woods yet, there has been a lot of chatter about a 'relief cycle' and I wanted to present my perspective on how such a cycle could look in the near term.
31K is a significant fib support line, breaking that would mean the next fib support of 20K. If this is the case, we can hypothesize that for us to break this mark, we could need to have a cool down from all of the bearish sentiment. These are all hypotheticals, by the way. Regardless, such a cycle would take us to the next fib resistance, the 42K range, and we can see further downward motion from there.
Be safe out there,
Cheers,
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Nice to see that our idea has paid well in the short term. Now, let's follow up with some important considerations from here.
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Pay attention to the orange line here. Pay attention to the parallel channel here. The fact of the matter is that we broke above the parallel channel, which is amazing, but we are right below the orange line, which is critical. We need to quickly scale above this level. Otherwise, the parallel channel break could be a fake-out - however, there is no indicators yet to give bearish sentiment.
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Here's how the 15 min timeframe looks like. Pay attention to the micro channels.
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We are on path nicely. Reached 40K level this morning. We can see small pullbacks after rapid rises in price, however, I expect continuation of this bullish momentum. Let's see when we will reach our take profit range.
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Updated graph:
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Potential for a small pullback to 38K or thereabouts.
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On path like we discussed. 38K range has been filled. Further slip is possible.
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A quick update on how our wedge is looking at the moment