I got a call from my partner (lil bro) telling me to check the #BTC ... and he was was right ... it was dipping... Since I'm just doing spot my USDT balance was drained, some by converting and some by selling market price ... got rid of everything .... then I decided to wait a bit and watch the market making moves... whenever we are about to buy/sell anything I always make @CRYPTO MECHANIC 's profile on BinanceSquare and go through his recent posts .... and I came across this one .... immediately got back to the #BinanceExchange and started buying some of his latest analysis being posted ... I started stocking back up when the BTC was at 51647$.... let's hope for the best...
LIVE
CRYPTO MECHANIC
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Bitcoin Doors are open for $60,000
Bitcoin weekly candle closed above $50,000 for the first time in 2 years.
The crypto market is going strong right now with #Bitcoin sitting at $52,000. Bitcoin ETFs sees $2.2B inflows in a week and BlackRock being the leader with $1.6B inflows alone.
How far this can go ? This is what we're going to discuss today based on Price action.
Before we start this week's update this is what we discussed in last week's update.
The price was around $48k when we discussed that there is the room for price to continue to push towards $52k and that will decide what we can expect next. Now that price is holding at $52k lets see what we have on charts.
BTCUSD (Weekly)
The weekly close is pretty strong not only bitcoin closed above $50k but also that $52k zone i marked in my last update.
So what's next ? well technically as the price is bullish and we do not have reason to be bearish i think it is ok to be on the bulls side unless we see a clear invalidation of trend based on the weekly chart.
What price we can target next?
First scenario
The first bullish scenario we have is as price is above $52k on the weekly chart, as long as it holds above $50500 on the daily closing basis we can expect bitcoin to continue moving from here towards $58k to $61k area and this is the area that marked the last top.
You might be wondering why i talked about Daily chart when i attached the weekly chart picture so this is the daily low i want price to hold on the daily chart. Remember the more lower timeframe consolidate the better it is for the high timeframe move.
The second scenario
We can't under estimate the bears stepping in any time.
so bear in mind that even bitcoin pullback towards $45k from here the weekly chart will still remain bullish
We do not have any reason to call for this move as i said we now have daily support at $50k area so as long as price holding above it there is no sign for a price drop.
i'm attaching this just case we see a sharp move down, as it's a weekly update so anything can happen in 7 days. i'm giving you an early update just in case you see a sudden drop you will know what area you should be watching as a potential high timeframe zone.
This is it for this week's #BTC update i hope you understand what i'm saying and learned something from it. i would love to hear your opinions.
$BTC
The crypto market is going strong right now with #Bitcoin sitting at $52,000. Bitcoin ETFs sees $2.2B inflows in a week and BlackRock being the leader with $1.6B inflows alone.
How far this can go ? This is what we're going to discuss today based on Price action.
Before we start this week's update this is what we discussed in last week's update.
The price was around $48k when we discussed that there is the room for price to continue to push towards $52k and that will decide what we can expect next. Now that price is holding at $52k lets see what we have on charts.
BTCUSD (Weekly)
The weekly close is pretty strong not only bitcoin closed above $50k but also that $52k zone i marked in my last update.
So what's next ? well technically as the price is bullish and we do not have reason to be bearish i think it is ok to be on the bulls side unless we see a clear invalidation of trend based on the weekly chart.
What price we can target next?
First scenario
The first bullish scenario we have is as price is above $52k on the weekly chart, as long as it holds above $50500 on the daily closing basis we can expect bitcoin to continue moving from here towards $58k to $61k area and this is the area that marked the last top.
You might be wondering why i talked about Daily chart when i attached the weekly chart picture so this is the daily low i want price to hold on the daily chart. Remember the more lower timeframe consolidate the better it is for the high timeframe move.
The second scenario
We can't under estimate the bears stepping in any time.
so bear in mind that even bitcoin pullback towards $45k from here the weekly chart will still remain bullish
We do not have any reason to call for this move as i said we now have daily support at $50k area so as long as price holding above it there is no sign for a price drop.
i'm attaching this just case we see a sharp move down, as it's a weekly update so anything can happen in 7 days. i'm giving you an early update just in case you see a sudden drop you will know what area you should be watching as a potential high timeframe zone.
This is it for this week's #BTC update i hope you understand what i'm saying and learned something from it. i would love to hear your opinions.
$BTC
Disclaimer: Includes thrid-party opinions. No financial advice. May include sponsored content. See T&Cs.
