Topic: Retracement will finally happen (Read 494 times)

To be honest, I don't know when the bitcoin market could go backwards, things have been so out of control, that for now I don't have the Main idea of how the market is moving, the articles, other information suggest that it could lower the price, but it is not known when or how much, for the investors they always give good news and have positivity at its highest level, but as you know, the technical Beliefs are very good, but if and only if the Market moves Quickly through mathematics, which is not the case,it is Difficult to decide.

Resistance and support have been broken down, and the majority of them have already shifted into another reality. Bitcoin will undoubtedly reach the ATH of $100k, as targeted and anticipated by professional traders, but the date is unknown; one thing I do know is that it will not be sooner. Bitcoin varies steadily, and there are more opportunities to either short or long for short periods of time; scalping bitcoin at resistance levels is risky, but it is worthwhile. $27k is my entry point for bitcoin, and I'm waiting for a thorough retracement to trigger my TP on my previous trading position.     

if it has to touch a weak resistance i think it's ok to re-enter the negative market for a moment. I think that's a normal thing in crypto especially at the beginning of this year. let's wait for the middle to the end of the year usually there crypto is green enough to trade. no problem for now to do save fiat. this is important enough not to lose too much. if you feel that the loss is not too deep, it is better not to continue holding on if a negative market arrives soon.

It touches the major support before it broke the major resistance base on the chart above and reached $31k. And now the price would possibly retrace at the demand zone which I think $22k to $23k before the price continues to the upside. Sometimes it will not go down to $23k if the demand above on that price is enough to get the price higher. The next target for the price is the next supply zone which is $43k. So if you're planning to invest, I would suggest don't just invest directly, wait for the price to retrace until you can afford the price.

Just remember though that this thread was created months ago, at the start of the year wherein we are starting to make a run. So obviously, he just want to send warnings to us to be very careful during that time.

But it seems that it has been invalidated already, we have broken the resistance according to the OP of $24k-$25 many times already. And then we did touch $31k for a brief momentum until we have another correction this week at $27k.

I think it’sThere are a lot of factors that need to be considered before we can get a good price. 
 
1\. The volume of BTC is very high,2\.3\. The time it takes to buy BTC is very long,4\.5\. The price of BTC is very volatile, so it’s not a good idea to wait for the halving to happen. 
 
In my opinion, the best way to look at it is to look at the history of the BTC and the market.

I'll be frank, Bitcoin's current resistance realm is like treading on eggshells – delicate and dicey! The market's doing the cha-cha, tossing up a cacophony of signals that befuddle even the savviest soothsayers. On the one mitt, Bitcoin could Hulk-smash the mega resistance barrier and soar skyward. On the flip side, bearish vibes might sweep in, prepping a gnarly backslide.

In this murky soup, let's hit the brakes and eyeball the candles for trend confirmation before diving headfirst. Wild leaps and knee-slappers ain't gonna cut it – we need hawk-eyed monitoring, brainy breakdowns, and tactical prowess. So, beaming optimism is key, but let's keep our wits razor-sharp. Monitor the candles like an over-caffeinated owl, dismember the charts, and concoct a cunning plan that navigates this treacherous terrain. Armed with patience, grit, and a dash of serendipity, we'll conquer the tempest and claim victory on terra firma.

May 05, 2023 Mini update

The current major resistance is at around $31,000 and above, it is where a lot of sellers resides so the probability of breaking it is still low. The price already try to hit it but immediately it is immediately resisted that's why the price goes to swing low. As for the short term, the information that I perceived in the chart is something negative because there are now many too rejections so the probability of another swing low is very high. For the swing traders, this is the best time to short and I know that it will gonna be a huge retracements. SO BE CAREFUL FOR THOSE WHO WILL GO LONG ESPECIALLY IF YOU ARE A FUTURES TRADER.

As for the daily pattern, the price of the bitcoin is currently testing the $29,000 but it seems got rejected also, there are a lot of signals that the market is telling to us. Does this mean that we are already in bearish season again? As for me no, because the longer time frame telling us that we are still in health price movements but when it comes to short time frame, we should be careful. Once the big retracement happens this is the time to get as much as positions that you can have. Do not ever miss that opportunity because the price will test the new base and this may be the last time that we can see that the price of bitcoin goes below $30,000 in this new market cycle.

Red days will come in these coming days or week! Take note that in order to manage your risk very well, be sure you have a solid plan and you will execute it perfectly with supreme confidece. Happy Trading!

The rally was a surprise and I have also to say that the price is already down to $20,000 once the reversal happens. 
 
In regards to the price action, I do not think there is an immediate move on it. Bitcoin price is currently trading above $4,800 on July 19th. 
In case your speculation is wrong then your assumption of bitcoin price at $20,000 is accurate or you are wrong then why this price will be above $5,000 on July 19th. 
And if you are confused about it then you are right as this would be your second entry point. 
 
I did not read what you said, it was just my assumption that it is an attempt to make the price drop below $20,000. If you think this is a bluff, then why will you wait till July 19th for it to be $5,000? It is impossible to happen, but there is one thing that the price does not fall below $20,000. That is, if you wait until July 19th then the price would not reach the current high price of $19,000. 
 
So

Well, there is always a setback, it is normal, for this, things are always done to avoid being taken by surprise, there are some traders who take advantage of setbacks to flatten down and earn a lot of money, then some buy and buy a lot, everything that they can in order to wait for the rise that they will give to bitcoin, that is something normal, however sometimes there are bearish traps and bullish traps and to determine this in my case I always read and try to see things from the point of view of volume , for me the volume says it all and obviously taking Wyckoff.

April 06, 2023 Mini update

for those who are new to this thread, kindly read my past predictions and analysis wherein, all of my bias happened. These will be my predicitions and analysis for the weekly and the daily time frame of the bitcoin. As I say before, we already in the beginning of bull run but first let's give some insight on what is bull run and why it is important for us to acquire positions as much as we can in the beginning of it. Basically thte prices of different assets during bull run are keep increasing like a stairway leading to the top, the probability of making money is really high so for me it is the best time to acquire different assets like bitcoin.

There was a major breakout that happened last month and it is the signal wherein we are approaching a good market in this year. The major resistance is at $25,000 and the BTC finally surpassed it and not it became a major support wherein there is a high probability that the price of the bitcoin will hold in these following weeks or even month.

Let's go to my bias and prediction, the next major resistance will be at $32,000, there is already a confirmation that the price is now supporting at the current major support level. It is a signal that we should acquire position before the next momentum goes up.

Get as much as position that you can between the price $27,300 - $28,800. It is the consolidation level wherein it is considered as the best time to acquire bitcoin as for today. I'll update this thread again once the price of the bitcoin reached the new resistance level at $32,000.

Goodluck and Happy Trading!

---

Price of the bitcoin in weekly time frame:



Price of the bitcoin in daily time frame:

I would guess that whales could take it wherever they want to when there isn't any type of big deals at the current situation and we shouldn't be really considering it as a problem neither. I know that it is not going to end up with crazy numbers, like 50k or 10k anytime soon, those are gone and not going to happen anytime soon.

However, whales could take it to under 25k maybe or over 30k, those are still reliable numbers and I would understand that it would be something that could work for everyone. Whales can do that, they have the power to do it and charts wouldn't matter in that case if they do it, which is why I doubt that it will be an issue.

Bitcoin is known for its high volatility and one will not be able to predict what will be the outcome of Bitcoin in the next few days, bit with proper technical analysis, there will be a retracement but all this doesn't matter because whenever there's strong trends in the market, Bitcoin will always tends to move to it's direction. Top whales in the market already knows the essential spots to hit inother to turn bitcoin tot their favour. They're whales and they control the market with their high capital. Let's just be on the right track whenever bitcoin is triggering the bull or bear moves.

Also, true such a big event or good news can pump the price Bitcoin without correction. as always fundamental first no matter how smart you are on technical analyst the winner is the news or fundamental analysis.

Before do Technical Analysis is always better to do Fundamental Analysis. Good Luck everyone

That is only valid if we stay like this, so that we can trace back a bit and go back up again in the future. However, if we have a skyrocketing increase, a huge breakout, then we won't be needing it because that would also mean that it will change completely and we will have a different outlook.

Remember this is bitcoin we are talking about and that is why it's quite important to always have some sort of understanding where it's going and just a few rich whales could change it quickly. Get all those rich people at the top, bill gates, Jeff Bezos, Elon Musk, whatever you want, to say a few good things about bitcoin, and all the EMA calculations would be gone out the window.

You are correct. We need correction I hope just bounce back from 200 EMA. The purple Line is 100 EMA and those are now support and yes I think its good time to buy more when it touch purple line and I also hope price will bounce back from there and continue rise till fibbonaci 0.5 If the price rise and stable above 0.5 we good to continue the bull

in your weekly market picture it is clear that the candle has penetrated the 200 EMA, and that means there will be a bullish trend for the next move, but before that there might be a correction first. and the biggest correction that is likely to occur is at the EMA with a purple line, around $24K - $25K, I think that area will be great to buy, if it doesn't reach that support, maybe after this it will continue the uptrend. Of course all of these are just predictions, but what is clear is that I have prepared a buying area scenario to welcome the real bullish season

well ,really appreciate your info guys , but i hear silk road btc is ready to dumped in market,how u guys think about that ? approximately 51k btc in total to be dumped on this year, do u think that will make we go to range under 19k again ?

Yes that is why this is called "major"  Especially happen on a weekly timeframe.

In my opinion, the price need to be rejected first and need a little bit of correction before destroying another resistance and btw I will share an update the price already stay above 200 ema long term trend of bullish is come

What happens in these cases is that if it goes up to $28k it can continue to rise, because the whales are testing the resistance levels, if they see that there is resistance at $28k they will not continue to make the market rise, they already know that at At that level the offer is much greater, therefore they will start selling quickly to compensate for the effort they have made, this is what they do, try, in the Wyckoff method they explain it very well, as effort, and what they are capable of doing the bulls, this is like a jungle where you have to act fast and get your money back and obviously have some profit.