The current price range of BTC is significant as it has served as an important point of interest for both buyers and sellers, particularly within the range of 26800 to 32400. This range has seen consolidation and trading activity, which has played out in previous market reactions. The primary trend in 2022 was bearish, and the current pull-up on BTC is not necessarily a clear indication of a bull market but rather a secondary trend.
What are the potentialities of prices getting rejected around this price zone on BTC?
There is over a 65% chance of a massive rejection in this zone, which could signal a resumption of the primary trend. Anything that goes below 16k could mean bye-bye to the current secondary trend.
Can BTC make it to 40k before the primary trend resumes?
There is up to a 45% chance of this happening, but BTC needs to overcome the resistance in the range of 30k to 32k, which tends to be heavily congested with bears. If BTC fails to conquer this resistance, it is unlikely to reach 40k until there is a stronger pullback to the support.
What is the best point to short Bitcoin in 2023?
The best point to short would be to wait and see the bulls’ reaction to the top of the current resistance range of 31600 to 32400. It is not advisable to Short on the first reaction as the bulls may try to cross a second time. It is better to wait until the chances of BTC going down improve to at least 78% to 80%.
Conclusion
If the move down succeeds, it is possible that the bulls will try to max out around this range to continue the primary trend. This could present a sweet short target at 24k, 20400 for the first TA, 18k, 16k for the second TA, and 12k if the crash continues.
