BTC - Downside Targets for Buying
This is a post dedicated to providing us with potential liquidity zones to watch to the downside.
Of course, BTC is extremely bullish as it had broken the previous ATH multiple times and is entering the next leg of the bull market based on 4 year cycle theory.
But in every bull market there are dips to flush out overleveraged longs. If we get a dip that cascades to the downside here are the potential "buy the dip" levels based on the chart. We are also about to tap the 1.618 level from our previous all time high to the low that was recently established.
This first level is $73,600-$73,800 (previous all time high). That old resistance should now act as new support.
The second level would be $72,600-$72,800 (rising wedge price target).This is a speculative scenario if we are in a potential rising wedge pattern. It was also the last low at the mouth of the pattern before the continuation higher.
The final level, in my opinion, would be the 0.618 of this new move which depending on the high will most likely sit somewhere between $70,300-$71,600. At this point in time it is hard to see any scenario where we dip below 70k again (until the next bear market).
Hopefully this provides good insight in case of a pullback!
Of course, BTC is extremely bullish as it had broken the previous ATH multiple times and is entering the next leg of the bull market based on 4 year cycle theory.
But in every bull market there are dips to flush out overleveraged longs. If we get a dip that cascades to the downside here are the potential "buy the dip" levels based on the chart. We are also about to tap the 1.618 level from our previous all time high to the low that was recently established.
This first level is $73,600-$73,800 (previous all time high). That old resistance should now act as new support.
The second level would be $72,600-$72,800 (rising wedge price target).This is a speculative scenario if we are in a potential rising wedge pattern. It was also the last low at the mouth of the pattern before the continuation higher.
The final level, in my opinion, would be the 0.618 of this new move which depending on the high will most likely sit somewhere between $70,300-$71,600. At this point in time it is hard to see any scenario where we dip below 70k again (until the next bear market).
Hopefully this provides good insight in case of a pullback!
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