QUICK UPDATE: Bitcoin Bubble About To Burst?
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.
- Price pushing through an ascending wedge.
- Bearish divergences on multiple time frames.- Couple more yet uncovered.
- 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 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! ❤️💡