2022-01-08 12:41:32
$BTC - ANALYSIS
After Covid 19 Omicron news came out we have seen another great fall of Bitcoin.
Price action looks similar to Summer 2021 when we had that fast wick down to 30k followed by bounce up and then another push down bellow 29k before we formed higher low above 29k to give us start of the new bull run push.
Similarly now we had dip to around 42k followed by bounce up and dip to strong supports:
- horizontal support line (3d)
- diagonal trend line (dashed)
- previous volumes support (volumes on the left of the chart)
From here, there are 2 most probable bullish scenarios.
Either we bounce up from 40k levels and then retrace as we did in Summer to form higher low..
..or we go into new bull run directly from here.
Either way this is good spot to buy and observe what happens later on. Can play the bounce that can be turned into months investment to ATH.
Third, less probable scenario is to break 40k levels on candle close (not wick only!) and we go South most probably not reaching ATH this year.
As we always say - play probabilities since nothing on markets is certain. I'm in long BTC position from yesterday already.
https://www.tradingview.com/x/LbGApXp8/
1.3K viewsMJMeetya, edited 09:41
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