Could BTC be going up for a 24 % rally to 25k?
Simple analysis and no indicators needed.
BTC broke out of a downward trendline and broke previous high at $21,925 showing a sign of strength as it accommodates for the upcoming ETH merger. BTC has retraced to the 78% Fib level back to the demand Zone between $20,159 and $19,600 to liquidate long position , fill up gas and to liquidate short positions so it can head to 25k.
Remember this is just an idea. Please consider the current economic situation and inflation. The market is very volatile and could go either way.
Please let me know what you think in the comments and please follow me on trading view to show me your support enjoy!!
<---This is not financial advice, please do your own research before making any decisions. --->
Simple analysis and no indicators needed.
BTC broke out of a downward trendline and broke previous high at $21,925 showing a sign of strength as it accommodates for the upcoming ETH merger. BTC has retraced to the 78% Fib level back to the demand Zone between $20,159 and $19,600 to liquidate long position , fill up gas and to liquidate short positions so it can head to 25k.
Remember this is just an idea. Please consider the current economic situation and inflation. The market is very volatile and could go either way.
Please let me know what you think in the comments and please follow me on trading view to show me your support enjoy!!
<---This is not financial advice, please do your own research before making any decisions. --->
* Demand zone had been manipulated liquidating long positions stop losses and also liquidating short losses (as shown in the image).
* Price could make its way down to $19,660 to $19,017 to create more liquidity
and take out more long positions before going up (as shown in image).