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#OKXIDEAS - Is The Bitcoin Sell-Off Over ?

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Hi folks,

Foreword: Please read the whole article, I believe this will help you to enhance your point of view. If you like it, do not hesitate to hit the "LIKE" button. 🙏🏻🙏🏻

Fundamental Data

📌I've been closely monitoring Bitcoin's recent price movements, particularly in light of the FED's recent announcement regarding interest rates, to assess the potential impact on the cryptocurrency market and identify key trading opportunities.

📌Most likely, the FED has completed its interest rate-hiking cycle.

📌With the partnership with eToro, Twitter users will be able to view market charts and trade cryptocurrencies and other assets thanks to a wider range of financial tools. Additionally, the collaboration between the social media platform and fintech company will expand Twitter's "cashtags" feature, which currently allows users to view real-time trading data from TradingView. I believe that in the near future, this will be the most significant part of the bull rally.

Technical Data

📌BTCUSDT 1D Logarithmic Chart

📌When we look at the Fibonacci Retracement levels:
--> 0,5 is our major PIVOT (42257 Yellow Line)
--> 28263 is our key support (Fib 0,236)
--> 36K is the next target (Fib 0,382)

📌White Zone is --> 50 Days Accumulation Zone

📌Red Trend Line --> Bearish Resistance till November 2021 (69K), which was finally broken on 12 January 2023. Following the resistance breaking we saw perfect RETEST on 10 March 2023.

📌Right after the RETEST process #BTC has started its own relief rally (I will explain why I called it a "relief rally" in the further part of this article).

📌The Bitcoin price showed an increase of nearly 55% right after this "RETEST".

Bonus Chart 1 - Short-Term BTC Target

📌When we look at the short-term data (12 Hours Chart) shows there is an ascending symmetrical triangle formation on the table.

📌Elliot Triangle Waves points to 35 - 36 K as a target, which is also a long-term (1D Chart) resistance level.

Bonus Chart 2 - Awesome Oscillator - MACD Combo

📌When we look at AO+MACD Indicator --> It gave us a strong buy signal simultaneously with the restest level (right after the breaking long-term bearish trend resistance).

📌AO+MACD Indicators give us new buy signals nowadays (needs good news).

Bonus Chart 3 - Fixed Range Volume Profile

📌FRVP says that 27850 is a short-term pivot
-->Above 27850 is Bullish
-->Below 27850 is Bearish
-->30430 is a strong resistance

On-Chain Data

Bonus Chart 4 - All Exchanges Stable Coin Inflow

📌While not providing a definitive answer, this data creates a positive expectation. We can simply think that market makers can buy coins (this is only an expectation).

Bonus Chart 5 - MVRV Z-Score

📌MVRV Z-Score indicates that we are no longer in the bottom zone, which is also bullish.

Bonus Chart 6 - Pi Cycle Top Indicator

📌111DMA is a key level (it was resistance, now support) for the relief rally. I believe when an asset completed its' own rally it needs to go back to the Fib 0,5 level (half of it). Bitcoin's Bearish run has been completed from 69K to 15-16K area. We can see a relief rally till Fib 0,5 level, which is also approximately the same level as Pi Cycle 350DMA (42 - 44K).

📌350DMA is another key level for the next bull rally, whenever Bitcoin price breaks this level it has a huge bull rally. You can do the back-test.

Final words: If you read till here mate, I knew you loved it. I will appreciate if you leave a comment (whether positive or negative criticism).

See you in the next detailed one! 🤟🏼🤟🏼

#OKX #OKXIDEAS #TRADINGVIEW

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OKX:BTCUSDT

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