Now the BTCUSD price is approaching the critical liquidity zone of $33,000-34,000:
- If the price can fix above it, then the path will open for growth to $38,500-40,000
- If the fall continues in the coming days, the nearest support will be the level of $30,500.
In general, at the moment only the weekly candle looks more or less on growth, all the smaller timeframes do not inspire strong hope for a positive.
Another fact: the Bitcoin growth trend in 2020-2021 lasted 400 days and altcoins’ growth +/- 430 day. And the current BTC market correction lasts 100 days, in alts – 70 days. It turns out proportionally that the corrections are a little small.
In our opinion, we should set our mind, psyche and patience so that a full-fledged growth trend may begin a little later, and now the maximum that the market can squeeze out of itself is a corrective upward rebound.
Bitcoin correction takes very little time
If we calculate proportionally, then the BTCUSDT price correction should last at least 150 days, perhaps even 200 days, and altcoins from 160 days. Based on this assumption, one should not expect the start of a full-fledged growth trend as in March 2020, earlier than September-October 2021.
Another argument for this assumption, you can take our idea with a fractal, which we published on 05.05.2021 before the start of the massive drain on the crypto market.
And the first version of the idea with a fractal, where we began to warn that the market was overheated and a strong fall could not be avoided, we published on 02/28/2021. Then we saw the first warnings from the market that it was unfolding, 2.5 months before the massive May drain.
At that time, few believed in such a scenario in the future, but we do not suffer from “wishlist” and do not demand anything from the market, but only describe what we see on the chart.
Use our ideas for your profit, because who knows how long we will publish our ideas here … Desire, time and motivation disappear and are redirected to other channels)
Three ways of the BTC price movement for the coming months
1) white is the most positive – either after a correction by $30,500 or after fixing above $34,000 – a path will open for growth in the zone of $38,500-40,000
2) blue is the hunt for stops that are hidden below the previous low of $28,800. For more than a month, many walls for purchase have been around $28,000, breaking them down can lead to a squeeze up to $27,000, or even lower, and fill hidden purchase orders.
3) red is a sad but realistic scenario. Indeed, since December 2020, there is an unfilled gap in the range of $23,800-26,650. Therefore, the option of falling into this zone, at least with a squeeze, should not be excluded from the field of vision.
Can Bitcoin price go below $23,800?
It has been said about the levels of $20,000- $14,000- $10,000 for several months that the fall will be there. Yes, the levels are strong and important in the history of trading, but it is not yet known whether there will be a fall exactly there. Perhaps it is just manipulators that frighten novice traders who have entered the crypto market on a growing wave in order to squeeze out their assets cheaply.
Keep your head cool, everything in life is cyclical and trading is no exception. After the black stripe, a white one will surely come – the main thing is to keep the deposit by that time, so that there will be something to trade in the future, so do not rush!