Bitcoin continues sideways with the multiple short squeezes. Will it finally go to the downside to $15k or we will see the bounce? Let’s look in details!
Let’s take a look at the BTCUSDT chart of the WhiteBIT exchange. I applied the Williams fractals indicator to the chart and marked the key fractal. This fractal defends the downtrend on the 4h timeframe. it’s breakout (with the obligatory candle close) will lead to local trend change to the uptrend. In case of successful breakout I anticipate also the trendline resistance breakout. It means that the huge triangle will be broken to the upside with the final target of $25k.
We can see that this key level is associated with the multiple rejections to the downside. If we will see another one rejection, there is a high probability to see the trendline support breakdown with the $15 final target reaching.
Now I have only the tradevestment part of deposit in Bitcoin, it’s approximately 20% with the average price $20500. The plan is following: if we will see the key level breakout I am going to open the speculative longs and close all position including this 20% at the $25k. The breakdown to the downside is more profitable for me. In this case I will buy Bitcoin below $17k for the 50% of deposit and close at $29k.
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