What's Next For Bitcoin Based On TA

Well it seems things are now kind of dormant in the market and we are somewhat in a boring phase in the market right now since Bitcoin is just not really making any move and the rest of the cryptocurrency market seems to be quiet really.

Before there was news even pushing Bitcoin price, we have the Etf news then which was talked about and help push price then come the anticipation of Bitcoin halving and war event which brought volatility to the market but now it seems all these things have come and gone and the price of Bitcoin is hovering around $50-60k region in the past weeks or so, the question now is what's next for Bitcoin.

I will answer this based on the information I see on the chart and where I believe Bitcoin maybe headed in no distant time.

Screenshot taken by me

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From the weekly timeframe on the chart of Bitcoin we made a high of about $73,808 and since then we have been retracing and we probably would have wondered were would there be a break, well there is a fair value gap on the weekly timeframe that it seems to be respecting.

In the past week the price of Bitcoin wicked down to the Fvg and has not shown sign of wicking below or rather formed a rejection candle. We wicked almost around the $56k level and now we are hovering around $60-62k kind of consolidating and it seems there is no clear path, but ofcourse I believe that weekly Fvg is the support we need for price to reverse to the upside the only thing is it may not be as fast as we would want unless news come spike it.

After respecting this weekly Fvg I believe we are going to take out the buyside liquidity that's the next hight at $73,800 and thats exactly where I believe we are heading to. And the chart actually shows this.

Screenshot taken by me

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I dropped down to the daily timeframe and the image became clearer, and we can see below that since touching down on the weekly Fvg on that weekly candle we have since been moving up nicely on the daily timeframe infact we took out a daily high even if it was with a wick and we retraced a little currently into a daily Fvg which I believe would be respected and it so happens we have a trendline resistance which is also the next draw on liquidity on the daily timeframe, this trendline liquidity also it's high around the $73kish and I am of the opinion we are breaking this level soon, not just that if we look in the image below we can see the pattern Bitcoin is forming in the daily.

Screenshot taken by me

Bitcoin seems also to be forming a falling wedge pattern and we know that a falling wedge is a bullish pattern and most often time it breaks up and the high of that falling wedge pattern if it break out the first target will the $73k high.

So looking at the chart this is a bull season year and seeing such a big falling wedge pattern forming on Bitcoin then it's no surprise we are consolidating as this can be seen as the calm before the big move, this is the part of the market we need to be patient as the big move is coming and may likely be triggered by a news event or so.

Bitcoin is poised to taked out the buyside liquidity at $73,800k, it's building up a hell of a liquidity to push it's rally up, having been supported by the weekly Fvg, moving up and breaking a daily high then retracing down to a daily fvg at almost the peak of a falling wedge pattern on the daily nearing a very epic breakout which would trigger the buy up to the $73k.

Once the move begins it would be as if nothing could hold it, and if Bitcoin begins this move it will help push other altcoins up too which have been considerably sluggish for the past weeks now.

So personally am expecting Bitcoin to hit next big price levels like $80k and $100k this year, but from what the chart is showing me I believe the first point we are drawing to is towards $73k and Bitcoin may not just stop there and gravitate towards $80k level, this move may take weeks or days to actualise depending on how liquidity comes into the market but it's looking like it from what am seeing, though ofcourse I would wish to see $73k Bitcoin sooner so it will wakeup the rest of the cryptocurrency market.

Thanks for reading through my thoughts on btcusd price chart

N/B: This is not to be taken as financial advice