🚨 URGENT! MUST READ.🚨
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🚨#Bitcoin is about to DUMP.🚨
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In this post, I'll compare July 2021 vs July 2024 and state the reason why I think $BTC is going to dump and what the levels are.
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July 2021:
When we started the recovery on July 21st, we kept on going up in a parabolic uptrend, but once we were in the overbought territory in the oscillator, we had a correction down to the 20 EMA (yellow line), which was a 12% drop on the daily time frame. Before continuing to go up. See the first chart attached.
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July 2024:
This year we started the recovery on July 12th, and as you can see, we are continuously going up without retesting the 20 EMA, and sooner or later we will retest it.
Right now, the 20 EMA sits at $62.4k and I believe we'll continue with the uptrend after retesting it. Whenever it comes.
On the daily time frame, we can also see that there's a bearish divergence forming, which is not confirmed yet. But from the looks of it, the divergence will be confirmed very soon, which will further confluence to my bias that we'll rest the 20 EMA very soon. See the second chart attached.
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So what are the levels and what can be the scenarios going forward?
Let's move to the 4H now, In this time frame, the divergence is much more clear, and I've marked it with white lines and pointed with arrows. In order to simplify things for you guys, I have drawn 2 paths, which I think may happen:
Yellow path: It shows that #BTC came down to retest the 20 EMA on the 4H time frame and after a successful retest, we continue upwards towards the $70k level
White path: This is the path I want BTC to follow and this path shows that we got rejected on the 20 EMA on the 4H time frame and dumped to the 1.272 fib level, which also aligns with the 20 EMA retest on the daily time frame. This path will be the best thing to happen for all the sideliners and will give them a great point to re-enter the market.
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The End. Thanks for reading!
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AD: If you're interested in learning technical analysis like I do, feel free to send me a DM or comment below, and I'll reach out to you.