What the Hell is BTC Up Too?
The Bulls are currently showing there strength and are now on the verge of taking BTC to new All Time Highs! I want to quickly discuss the three scenarios that will play out in the following hours/days.
Bullish Scenario: BTC continues up trend and retest the local high around 19.4k before moving up and testing the All Time High at 20k. If BTC is successful in breaking the All Time High we can see price go all the way up to ~30k.
Bearish Scenario: BTC continues up trend and gets a heavy rejection around the local high and All Time High ~19.4k-20k. If this becomes the case we will retest support at 18.5k and if that support fails then we can see BTC retest the local Bottom at 16.5k before potentially having a trend reversal back upwards or continuing the downtrend.
Consolidation/Sideways movement: This to me seems like the most likely scenario. BTC might get rejected around the ~19.4k-20k preventing it from creating new All Time High but also getting supported around the ~18.5k region. This means that BTC will likely trade between the 18.5k-20k channel for accouple days before making a decisive move upwards or downwards. This is however a 7% channel so we could expect some crazy volatility as both bears and bulls try to take control of the market in the short term.
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*This information is not trading advice and is to be used for educational purposes only!
Bullish Scenario: BTC continues up trend and retest the local high around 19.4k before moving up and testing the All Time High at 20k. If BTC is successful in breaking the All Time High we can see price go all the way up to ~30k.
Bearish Scenario: BTC continues up trend and gets a heavy rejection around the local high and All Time High ~19.4k-20k. If this becomes the case we will retest support at 18.5k and if that support fails then we can see BTC retest the local Bottom at 16.5k before potentially having a trend reversal back upwards or continuing the downtrend.
Consolidation/Sideways movement: This to me seems like the most likely scenario. BTC might get rejected around the ~19.4k-20k preventing it from creating new All Time High but also getting supported around the ~18.5k region. This means that BTC will likely trade between the 18.5k-20k channel for accouple days before making a decisive move upwards or downwards. This is however a 7% channel so we could expect some crazy volatility as both bears and bulls try to take control of the market in the short term.
Thanks for reading!
If You like this TA please hit the LIKE button!
Also, leave a comment with Your thoughts and feedback!
*This information is not trading advice and is to be used for educational purposes only!
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