Is a shocking $10,000 Bitcoin price still on the table? Buckle up, crypto enthusiasts, because JB dives deep into the recent price action and charts a potential course for the world’s most popular cryptocurrency.
Zooming in: 1-Hour Timeframe
JB starts on Binance, with Bitcoin paired against USDT and viewed through a 1-hour lens. The weekend saw a bullish surge, reaching the 5th wave target between $42,450 and $42,782. However, a recent retracement sent BTC testing the crucial 50 EMA, a potential support level.
Technical Indicators Flash Caution
Stochastics, a momentum indicator, currently signals downside pressure. This suggests a likely push towards the 200 EMA, hovering around $41,480. JB also hints at an ABC correction pattern, with the C wave potentially dipping below the 200 EMA, raising eyebrows.
Fair Value Gaps Offer Glimmers of Hope
But wait, there’s more! Fair value gaps are identified as potential support levels, offering a ray of hope for bulls. Zooming out to the 4-hour timeframe, the 50 EMA aligns with the 1-hour counterpart, solidifying the downward momentum in the short term.
A Monthly Rollercoaster?
The monthly outlook throws in a curveball. Overbought monthly stochastics raise the chilling possibility of an “Almighty crash.” Macroeconomic factors like Middle Eastern tensions and upcoming elections add fuel to the uncertainty fire. The monthly chart, however, reveals fair value gaps hinting at potential downside targets.
But Before You Panic…
Hold your horses! A key technical indicator, the daily Bollinger Bands, exhibits contraction, suggesting a potential explosive move in either direction. Remember, caution is crucial, as market dynamics can shift rapidly.
Disclaimer and Invitation:
This video is for educational purposes only and does not constitute financial advice. Do your own research before making any investment decisions. Share your thoughts in the comments below: Do you think Bitcoin will plummet to $10k, or will it find its footing? Let’s discuss!