BTC plan for next months

Sep 6

BTC continues its gradual decline despite the ongoing news around wars and macroeconomic conditions. It appears to be forming a descending ellipsoid consolidation pattern. I foresee two potential scenarios for a price bounce:

• A breakout from the current ellipsoid structure
  
• A dip toward the next support level around the $50,000 range
  

The first accumulation zones is highlighted in the chart, around $50,000. However, if macroeconomic conditions worsen, the next accumulation zone would be around the $40,000 range.

The target for this cycle is projected between $100,000 and $120,000.

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

Sep 7

Note

First buy around $53500

Sep 10

Note

BTC is bouncing from the supports. This bounce would push BTC to $62000-$63000 level

Sep 15

Note

BTC +13% since my first buy ($53500).
$62000-$63000 is still the short-term resistance to break.

Sep 20

Note

+20% since entry.
Currently, prices are at resistance and BTC needs to break the ellipsoid to go higher. If breakout, the next short-term target is around $69000-$70000.

Nov 3

Note

+37% since entry. Short-term target archived.
I'm holding Spot bags until my long-term target (around $120000).