It is clear that there is great weakness in the market and the inability to penetrate the $71,000 area. Whenever it approaches it, it moves downward, and we see a drop to the $68,000 areas. If this weakness continues, our next stop will be $65,000 for Bitcoin.
However However, the market's movement above $66,000 makes us safe, and the rise is closer to reaching than the fall
The worst scenario is reaching the 64 area, as shown in the drawing, and there will be a strong rebound that exceeds the historical peak of Bitcoin.
The best scenario is a rebound from the current area and a direct penetration of the $71,500 area for Bitcoin
Personal opinion We must be cautious as long as there are no positive signs in the market and weakness is clear in general But alternative currencies are trying to break through soon and break out of the current support
The red box + green trend has been hacked Purchase liquidity is increasing. Now it is forbidden to close under $65,000 $BTC #MemeWatch2024 #Binance #bitcoin #BTC
" Personal opinion The rise is the closest to reaching over the coming hours after a flash bearish candle.”
These were our last words in the previous analysis only 4 days ago
Now Bitcoin has moved towards an upward trend and has risen to more than $5,000. This was due to several factors that we mentioned in our previous analysis that confirm the rise after reaching the $60,000 area.
The resistance areas we talked about repeatedly are between 65 and 66 thousand dollars
When we pass it, we are safe when trading in this area
However, if a price reversal occurs, the 56 areas will be waiting for us again
I see that the rise this time will exceed the $75,000 areas and the historic peak of Bitcoin will be breached
👉 There Is a Inverse Head And Shoulder Formed At The Chart And Currently The Price Completed Right Shoulder By Pullback Above The Previous Trend Line,I Don’t Expect a More Correction And In My Idea Correction Is Completed At 56500$ As a Wave C Low
📈 Bounce From Here Toward a 65k And Breakout Is a Main Action I Expect For Incoming Days And Then 73K As a Main Resistance For This Range
“If the 38 level is broken, then we are going to the 50 Fibonacci level as shown in the drawing, at the price of 56,200 thousand dollars for Bitcoin.”
Perhaps the final bounce from the area between $60,000 and $56,000 will be the bounce that serves as the spark for the entire market to take off, thus confirming the positivity.”
This was our analysis of the market on the weekly frame on April 17, before the recent decline
Indeed, the market fell after only 3 candles
Now what's next?
According to the analysis on the weekly frame, we notice a direct and rapid rebound from the 50 Fibonacci line at $56,000 for Bitcoin. Reaching line 23 at $65,500 per Bitcoin
Closing above this resistance leads us directly to a new peak at $73,000 for Bitcoin
The 23 Fibonacci line is always very strong, as it is a rebound or reversal point for the price
Personal opinion
With us, you entered the market from the lowest point, and it was noted at the $57,000 points that Bitcoin entered the market strongly to increase the negative rumors.
I am watching closely and waiting for the historic peak to be broken soon
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“If the 38 level is broken, then we are going to the 0.5 Fibonacci level as shown in the drawing, at the price of 56,200 thousand dollars for Bitcoin.”
I expect that over the coming period there will be strong and rapid action before the rise is completed.”
This was our analysis of the market on April 17, that is, only two weeks ago, that is, only two candles on the weekly frame.
Indeed, it reached the 50 Fibonacci point and the price fell to 56 thousand dollars
Usually, a strong rise does not occur from this point on the Fibonacci, but rather a rebound occurs from the 0.618 point, which corresponds to 52080 as in the drawing, but not exactly. It is likely that it will be between 54 thousand and 53,000 dollars a little before this point.
This pattern is canceled at positive closes above $56,000 for Bitcoin
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