In a recent video, technical analyst Nick discusses the recent price action of Bitcoin (BTC) and potential future scenarios, emphasizing the importance of a breakout above $28,588 to invalidate a bearish structure.
Short-term outlook
On the 1-hour timeframe, Nick observes that Bitcoin has completed a mini 3-wave correction. He suggests the possibility of a slight upward movement before potentially tapping into a higher price range. However, he also notes that a rejection at the current level could lead to a further downside move.
Daily and weekly outlook
On the daily timeframe, Nick highlights the need for a breakout above $28,588 to avoid a bearish trend and a potential drop to $22,000-$23,000. He notes that a failure to break out could lead to a significant correction and lower price levels in the future.
Trading strategies and risk management
Nick emphasizes the importance of tracking behaviors and using trend-based patterns in trading. He also warns about the risks of cryptocurrency investments, especially when using leverage.
Overall, Nick’s technical analysis suggests that Bitcoin may experience more sideways trading before any major movements. Investors should carefully consider their own risk tolerance and investment goals before making any decisions.
