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QUICK UPDATE: Bitcoin Bubble About To Burst?
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    Nolan Amadi
    Nolan Amadi

    Position Cannot Be Blank!

    11 months ago
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    WARNING?


    ​​​​Could The Present Bitcoin Rally To The Upper $24,000 be a bull trap?

    Over the past few weeks, we've seen a steady rise in value of financial asset - BTC/USDT. We've apparently, seen a more even growth after we shot pass the previous ATH averaging $20,000 across all exchanges.

    THE BIG QUESTION:

    Which price target comes first? 

    On the upside - $27,500 and $36,200. 

    On the downside - $19,500 and $14,911.






     


     
    However, while a move to either of the sides still remains vague, it's important to note the we are gradually loosing the momentum to archiving more highs, thus we are 80% more likely at this point - come to tap liquidity at the nearest support levels marked "GREEN" ( $18,754 - $19,462 ) before any further upward continuation. 


    On a volatile break down, then we are more likely going to see a more volatile move down to the levels marked "PURPLE" ( $13,964 - $14,911 ) - which would of course be a point of consolidation and accumulation before we continue the rally upwards. Which as well, matches with our all time year resistance, and currently serving as a support.


    BEARISH SIGNS:

    - Price pushing through an ascending wedge.

    - Bearish divergences on multiple time frames.- Couple more yet uncovered.
    ​​​​​
    BULLISH SIGNS:

    - Apparently, there's nothing bullish on the chart until we see at least a 4hr close above the $25,700 levels.

    - The $25,700 levels posing as our mini ascending triangle target we broke out from. And of course, a massive supply zone.

    DOWNSIDE CONFIRMATION:

    - Downside break confirmation would be seeing at least any 4hr close below the $23,600 levels. Also, we are more likely going to see more consolidation inside the triangle as the range tightens.

    MARKET STRENGTH OVERALL ANALYSIS:

    - Bearish Strength: 70%

    - Bullish Strength: 30%

    Similarly, the ALTs/USDT market would react to which ever way BTC chooses.

    HINT: The trend is your friend until the end of the trend.

    Keep an eye on the chart.

    Trade Safe! ❤️💡

    bukasen sailor January 08, 2021
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