One More Push to the Upside?Once Bitcoin’s price exceeded 33K, it entered the January 2022 re-distribution range. This range is between 33K and 48K. Once Bitcoin enters the range-low, it will reach the range-high. The question is, will it make it there directly, or are we in for a correction?
The probabilities are balanced. However, since it’s the question every Bitcoin trader ponders, I threw my hat into the ring.
To answer the question, I drew Gann angles from three pivot point lows to try and find relevant support and resistance levels.
The pivot points are:
1. The cycle low of 15,476 dated to November 21st, 2022.
2. The pivot low of 19,542 dated to March 10th, 2023.
3. The last pivot low was on September 11th, 2023.
I Drew the angles manually. The chart setting must be on “lock price to bar ratio.”
Each low creates a 90-degree angle by converging the X (time) and Y (price) axes. I later divided the 90-degree angle into eight. I did not use a Gann fan, nor did I use the angles as advocated by Michael Jenkins. I use what works, and as you see, it works!
After turning the visibility of the irrelevant trend lines, we are left with two possible resistance points:
1. At the 48K mark (orange).
2. At the 46.4K mark (purple).
These angles will also be useful as future support and resistance, but I am focused on the short term.
This is tradeable, but remember that this move is almost over. Be careful with your capital allocation. This a quick in-and-out trade.
Trade Idea:
Entry: 43.8 (current price)
SL: 43K (1H 50 EMA).
Target: 48K
TP: 46.5 (purple angle), 48K (orange angle).
R: R: 1:3.7 to first TP.
Risk Level: High
What do you think?
Please share in the comments
Best Wishes
