BTC currently showing short term bearishness and price action weakness, for the bulls to regain enough bullish liquidity to test 59300 resistance region again, we need to see a dip down to our strong support zone at 51500 to 52525 region (white box) confluence with the 0.382 fib. So far we had repeated touches at the support line of 53000, the support confluence with 0.5 fib retracement. This likely means the soaking up of buyer strength over here, sooner or later we'd have a break down lower to find better support. So far, the 51525 line (previous resistance at the bottom ranging structure) has not been tested yet after the recent pump from the lows of 47000.
If however, btc bounces from our 0.618 fib and goes straight for the retest of resistance at our 0.786 (56500) level, it is likely that its going to be rejected again.
A good long entry would be catching at the 51500-52525
Target will be the next major resistances 56650 and 59000.
Stop loss at 50400, a little below the 0.382 confluence support zone.
If however, btc bounces from our 0.618 fib and goes straight for the retest of resistance at our 0.786 (56500) level, it is likely that its going to be rejected again.
A good long entry would be catching at the 51500-52525
Target will be the next major resistances 56650 and 59000.
Stop loss at 50400, a little below the 0.382 confluence support zone.
