BTC short-term analysis - An accumulation scenario (Updated)

29 Kas 2023

My short-term thought for BTC is unchanged: An accumulation is on going (bullish).

However, compared to the previous analysis (see in the link below), my view changes a bit, due to the latest move of BTC.

In my opinion, BTC prices are moving in a rising wedge. When looking at the Volume profile, we see that the trading volume is supporting the prices to go higher (bullish pattern P).

Moreover, the current price action is quite similar to that in March 2023 (see the screenshot below). The end of this accumulation triggered a spike of 10% to reach the Fib. 0.382.

To summarize, I see two buy areas if the rising wedge is not broken down (invalidation):

1. Scenario A: Buy at breaking point (and retest potentially) of the upper trendline
   
2. Scenario B: Buy at retest of the lower trendline
   

My target is still $42000 area (Fib 0.618).

Price action in March 2023



Disclaimer:
This analysis is based on my personnal views and is not a financial advice. Risk is under your control.

1 Ara 2023

Not

The rising wedge is broken up. Retest is possible. The Scenario A is happening, in my opinion:

3 Ara 2023

Not

BTC is moving like scenario A. My eyes are on $42000 level.