BTC ended the first month of 2023 with a breakout from 16500 to the end 24000– Is this a signal that BITCOIN has UPTREND ??? Let’s take a look at what the market trail gives us over timeframes as follows:
MN frame (Month frame): After touching the important DEMAND ZONE , BTC has leveled off in the last 2 months of 2022 and has had 1 strong recovery at the beginning of 2023 => Affirming that the bulls (buyers) have defended very well here.
W1 frame (Week frame): The last 4 consecutive weeks for signals are bullish Engulfing candlesticks after 1 long sideway weekly series around 16000 => It is also 1 signal that the market is being strengthened by bulls (buyers).
Frame D1: After a strong rally, the market has leveled off at around 23000. A few days before the close of the monthly candlestick, there was a fake key to break the 23000 sideway zone in the D1 frame, but then there was a D1 candlestick the next day pushing BTC to the sideway zone to continue.
=> Observing all 3 timeframes Blackmantrader has the following comment:
+ In the medium and long term: BTC is currently close to the SUPPLY ZONE (23000 – 25000) – This is a very hard resistance zone that has been sideways for a long time and finally caused a collapse to 16000. So there will be 2 cases:
- Case 1: If the upper resistance zone is destroyed (signaled by a strong bullish candlestick in the Week frame completely penetrating from 25000), Blackmantrader affirms that BTC in the first quarter of 2023 will find the 30000 mark.
- Case 2: SUPPLY ZONE 25000 remains protected, BTC will sideway in the 16000 to 25000 range until the end of the first quarter of 2023.
=> Let’s take a look to see what traces the market gives us to deal with each case.
+ In the short term: According to Blackmantrader, BTC will soon rise to 23500 , then reverse to the short-term downside, retest 21550. Trade Futures brothers can watch here to enter orders with SL set at 24100.
Blackmantrader wishes everyone successful trades