A lot of requests came from our subscribers about what is going on with Bitcoin and other cryptocurrencies? That’s why we will make a new Bitcoin forecast and also show an alternative scenario of Bitcoin price movement
Bitcoin forecast – conditions for a positive scenario
This Bitcoin forecast will be a complement to our recent BTCUSDT idea:
So, this prediction holds. But locally the critical points may have changed, which we’ll tweak in this article.
The attempted breakout of $45300 is the expected test of strength
Over the weekend, buyers were unable to show any confidence. The daily candlestick on Sunday closed with a pin bar below the opening price. Trading volumes are low. These facts make us think that the downside wave is not over yet. Today, the sellers might try to take down the buyers’ stop orders below $45300. But at $45000, there is a high density of buyers’ orders. Thus, we think that the reversal might happen at this level.
If the sellers break down $45000, the price of Bitcoin may fall to $43000 on broken stops, but without updating the previous low below $42000.
In such a situation, the green fractal may begin to work out, and with it, the minimum, but still the alt-season begins.
Below $43000 the Bitcoin market may rapidly start to fall
Below $42000 there will be a lot of negativity and consequently targets for a fall to the $32000 area. More thoughts on this scenario are described in the idea below:
To sum it up: till the end of the year you need to be extremely cautious, watching the price behavior near the critical levels we mentioned above to make the right trading decisions.