Bitcoin’s ongoing movement gives way to changing user sentiment. Despite shitcoins starting to make an appearance, the price structure suggests that the next target is bullish!
Warning : This article does not constitute investment advice or an investment inducement. It is intended only as an article strictly informative. You are the only one responsible for the trading and investment decisions you make.
A very interesting previous movement!
Last week I was going for a potential short-term rise, even though there was obvious cash below us. My view was broader than it was last week and it still is!
The undeniable liquidity was on the $26,480. Why? It was the lowest point in the range, so all range traders had either liquidation or their stop loss below that low. Very attractive to exchanges (yes, it’s clearly manipulated) which can take the price to these locations to eat up users’ fees or even their entire positions!
The good news is the reintegration of the range following that red wick on Friday. This shows that there is no reason to attack strongly on the downside, because in general during a bearish attack, the price falls sharply at once and does not go back up! We are in a classic range structure, where buying may be a good idea for traders who want to resell at the top of the range (red zone).
But on the orderflow level, do we agree with this analysis?
Yeah, I’m not putting it up for you big time, there’s not much to see. Just for now the altcoins funding is positive/negative, it goes back and forth. And nothing special on the Bitcoin side. You’re going to tell me, “but why are you showing it?”
Simply because the absence of FOMO is an analysis in itself and even a very good sign for a bullish continuation!
But if we go up, then where do we go? Wait, I’m putting the first chart back up for you:
The objectives during a range are simple, it is the top of the range! Here the liquidity is at the point of $30,000; $31,000. Then at the top, who is waiting for us? The old liquidity that is more than a year old! But that is between $31,800 and $32,500.
Here it is, my bullish target for this year 2023 is here. A good green wick in this area. At that point, we’ll have to study the price curve, because potentially, this will be the top of the year. We could be looking at a bigger move up towards $42,000. But it would take one hell of a bullish momentum similar to 2019. Time will tell, but in any case, in the short term, I don’t think the price will go back below $25,000 unless there is an unexpected international event commonly referred to as Black Swan.
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