Topic: Retracement will finally happen - page 2. (Read 550 times)

True, but it might take some time before we can finally break it, case in point $25k, yeah we did breach it several times already but we even didn't maintain that price for even in a 1 hour timeframe as speculators keeps on selling at that price for obvious reasons of making profits. However, it's not that strong because in the last couple of days, we again reach that price and then we maintain it for good or at least at this rally. So it means the resistance is now the support line that we are holding. $27k and it will as well be as interesting as the week will start in the next 24 hours (at least Asian Time), and we might see some push to $28k. So let's see if this is going to happen or we might have to go back and retrace.

FTX was an altcoin with full access from traders in the market. It's very possible for altcoins to crashed in the space, after all they're all liable to liquidity, the trading volume is very crucial and holders of FTX were frustrated when the coin they put their hope in dump heavily, some the top investors reciprocated the action in sueing the CEO of FTX to court inother to triggered justice to their tragic moments and lost funds. Well, I'm not surprised by their actions because most of these altcoins project ends up as scammed and defrauding their investors of their hard earn money. That same case happen to Luna because of the crashed, the CEO of Luna, Do Kwon was sued for fraud charges, so let's see where this terrible situation leads us.

Will be Hard to touch 32K level without a correction first I will share mine

Currently, bitcoin is testing 200 EMA on the weekly chart we need a day before it close when it closes above 200 EMA I think we have good bullish.

March 17, 2023 Mini Update

Does Anyone followed my advice? If yes then I want to congratulate you! My past analysis are all correct, you can read all of my past replies for proofs because all of my bias did happened. It is really good that I got a lot of position during the consolidation level of the Bitcoin. Like what I said, it is normal for the price of the bitcoin to consolidate inside the support and resistance in the weekly timeframe and now this is what I'm waiting for wherein the bitcoin will break the $25,000 Major Resistance level which is considered as a boss resistance. It is literally a boss level resistance because this is where the seller side and finally the Price surpassed it.

What does this Mean? It only means that we are now in Bull Run. I'll give my analysis again and it is up to you guys if you follow it or not. Buy now because there will a huge upward momentum that will happen in these following days and weeks. Make sure that you have a good risk management and pre define risks consisting of entry point, cut loss, tp, trail stop and a lot of scenarios in your head. Anything can still happen so my bias may still be invalidated.

If you miss out my past advices then start taking full responsibility. The opportunities and rewards in the market are so great so you must be prepared if you have knowledge and basic skills in trading.


Good luck and happy trading again!

Current Price of the weekly timeframe:



Current Price of the daily timeframe:

When, do you predict, will that eventuality for Bitcoin to break $25,000? Will it be in two or three months? Because for me, while it's possible that your prediction will happen in two or three months, I believe Bitcoin might go touch $16,000 again because of bearish macro-economic conditions around the world. BUT if we zoom out to the maximum, it's an easy prediction that eventually, Bitcoin will surge over $25,000. Especially a few months before the halving.

Mini Update March 13, 2023

Does my prediction is correct again? take time to read my past updates on my analysis regarding the price and the movement of the bitcoin. I said that it is considered as healthy move that the price retrace on the level of $20,000. I also mention that I'll get as much as position becauseu the price is currently at the major support. Luckily, I followed my plan and I have big positions in a lot of coins and I'm currently 30% up in my total portfolio.

A lot of people got scared because of the retracement of the bitcoin, it only shows that they do not fully understand the psychology and market sentiment. As for my next prediction, the price of the bitcoin will consolidate and eventually break the $25,000. Take note that it is really good time to acquire positions in the consolidation level so guys good luck and happy trading again! If you want to make money then consider my analysis but also make sure to have good risk management and solid plan.

The current weekly chart as of now:


The current daily chart as of now:

for traders, taking advantage of the major support area can be used as an opportunity to buy, and technically speaking there will be a reflection in the support area that you are drawing, and we can place the maximum profit target in the major resistance area, and of course we have to place a stop loss to anticipate when the market goes not according to plan, but again we don't know in the medium term or long term whether it will continue to rise, or even fall back.

That is why i prefer Elliot wave as a strategy when dealing with trending markets. For every impulsive wave there is a correction wave awaiting to oppose the larger trend. Despite the retracement move the market is still keeping up with a higher high uptrend. I guess $19k will form a very strong support for a good buying opportunity.

The retracement finally came, I started to anticipate it back in January because the price is resisting in the Major Resistance above. The sellers overcome the buyers and the supply is much higher than in demand that is why we see a massive pullback. This is only validating that the price of bitcoin is making a healthy movement because it needs consolidation for the bitcoin to breakout the Major Resistance around $25,000.

We are currently experiencing red days in these past days but is it good or bad? As you can see in the weekly time frame below, the price is nowo in the major support where it is considered as buyer side. Which only means that there is a high possibility that the price will bounce in this area. If the price bounce in this area then the movement of the bitcoin is very healthy and we can a upward movement in the following days if this happen. Right now, I'm planning to entry to get as much as position in the major support for me to not be miss out.

Happy trading and Goodluck

This is the weekly time frame of the bitcoin:


This is the daily time frame of the bitcoin:

We quickly forgot that nothing is too strong to break below or above. If we think back to the FTX crash, when the market was dumping extensively on roller coasters and there was no support or resistance because of innumerable fears, we suddenly forgot all of that and turned bullish once more. Some were predicting $40k before June, but they all forgot that users have yet to see the thousands and hundreds of people who are still stuck on FTX. When the FTX continue case in court, many altcoins people have invested in end up not breathing again, the same $20k may be easily shattered.

March 06, 2023 MINI UPDATE.

The Major resistance is so strong, the sellers overcome the buyers that is the reason why we saw a red market in these past days.

Does this mean that it is already bearish? The answer is No! I expected that the price will resist in this area many times because it is a major resistance where the possibility of resisting in that area is high. Why the movement of the bitcoin in weekly timeframe is considered as good? The answer is because of the consolidation. The current price of the bitcoin is moving inside the box where it building a momentum upwards. It can be a good sign that there's something is cooking. We can only be invalidated if the Major support will not hold. Expect a bull run if the price of the bitcoin breakouts in the Major Resistance especially in $25,000.

I agree that it will go up, and it's already in green a bit and I think it will stay green for a while and we will go up. However, that doesn't mean that we should be too excited about it, it's not guaranteed yet, and even if it does go up, that doesn't mean it will stay up neither and we could have some bad results.

This is why it's so important to keep investing, so that you could wait out all these ups and downs and navigate yourself through these volatile periods. If you could do that, and you could hold tight and wait for better prices in the end, it may take months or even maybe over a year before we break over ATH again, but when it happens, it will be all worth the wait.

This is already given, the level of $20,000 is now the strong level. As on the peak of the bull run 2017-2018, the peak was around nearly $20,000.
So for now, I can consider it as a significant level because look when after we break that level this year, it's always now above $20,000 and that level is now acting as a support.

So far Bitcoin has held the $22k level very well. I had expected it to retrace at least a couple thousand dollars a number of days ago but it has held on to the $6k-$7k gains it started on a month ago.

Will be interesting to see what happens. The market so far doesn't seem to want to see a retracement, but I also wouldn't expect it to break out of the <$25k bottom any time soon. Which leaves it doing what it has been doing for a bit now - just hovering in the $22k/23k/24k range. But I would think at some point we'll see at least a short drop to like $20k in the next few weeks and investors will get at least one last chance to load up a bit lower in this bottom bear market range.

You're right there, the funding fee is also neutral to bearish on most exchanges suggesting a drop in the btc price (since long numbers are higher than shorts).
I am shorting small qty at the current levels at 23k in anticipation of a retest of 20k level. The spx and american markets are also supporting a dump. Although the federal interest rate decision was good , but the market didnt take it seriously in any direction yet.

Nice analysis, I’m waiting for this retracement around 25K area before I short since it’s the known strong resistance but 24K grows to become much stronger resistance which means those who put sell order on 25K level reposition a little bit lower that result for this strong resistance.

I know that this retracement is healthy but I’m worried about the short position number. The current number of short position on Bitfinex is still very low while the price is already correcting which means this correction is due to retail traders taking profit already. There’s might be a chance that the support will break once this bear get the opportunity to control the trend by injecting huge volume of short position once again. Let’s how the price will play on the coming weeks. Nice thread you got here.

My analysis is still accurate, I expected that the price will resist because there is a major resistance around $24,000 to $25,0000. The price hit the supply zone that causes downward movement, anyway it is healthy and it is just a normal retrace. I expect that this may go lower where the price may hit the $20,000 again. Let's see what will happen to the price in the next few weeks.

Note that this chart is a weekly timeframe. So I'm giving analysis long term and not short term. Be careful because price may dump in these following days. 

The retracement may not actually be as terrible as going to plunge below $16k, but the sentiments will help the price to a level probably just above $20K still and goes back to bullish again til it reaches another major resistance. Call it retracement or correction but the market is going to be better once it does that. But even when I say this, all are still speculations.

Usually it is the real thing to happen in market when the price go up or down. Liquidity and volatility is what traders use to trace or chart out the market direction and with this, it is understandable that the movement or waves are not steadily in one direction except it is going on trend but it will be for a particular moment.

Even if we can't predict the next move, there's always a chance that price will go back for retracement. Price is always seeks for liquidity and if the liquidity was taken it is uses to fuel the price to move to the opposite direction. As we can see in the chart, there's a huge gap and that gap is possible target of price before it make another HH.