Hi guys, just wanted to share my thoughts about the BTC price action the past week. We are currently looking at a descending trendline that's been continuing ever since we hit a big liquidity zone at 10300 on Feb 24. I feel today's price action will dictate the halving story this coming May. We are nearing the Weekly and Monthly close and right now after the bloodbath from 10500 to 8500. We were at a significant confluence price at 8500 which sits at .50fib, which coincidentally is also support area of the descending trendline. IMO if we are to make a higher high this coming May, we need to maintain the 8000 as key support. The market has liquidated a lot of highly leveraged longs at 10500 to 9000 and right now I'm seeing the market rebalancing itself with this Monthly close. After which either we continue ranging the 8000 to 9000 as an accumulation zone before continuing the next leg up and walk the price up to 10500 and above right before halving in May. Or we could descend further into chaos as we fail the 8000 and allow the bears to regain control. In which case this halving will have a Lower High than previous. But this is BTC, and NCOV-19 will play some role as markets like S&P continue to lose points. And people will be looking to hedge,the traditional and conservative investors will go to Gold,which can drive the price to a new high at $2000 but for those with bigger risk appetites- BTC is king (not alts, exception to the rule-the Queen: ETH).
I guess we will find out at this Monthly close. Keeping an eye out for a possible bullish entry for D1, looking at H1 with the highlighted rectangle as entry. 8900 is the resistance. Safe trades everyone.