Recently we had a bounce above $50796 and it's also broke above Daily EMA200 ! Now it's been rejected because of the hourly candle close below $50796 and it's located one Daily EMA200 and EMA 33/55 cloud.
The main idea is still can be bullish because of the support from $49500's S/R line and the EMAs below. But any confirmation below $49500 will lead the pair into lower S/R zone and the lower support zone at $46600.
So it's very suggested to have a look on #BTC's movement in weekend and tomorrow's range because it can push the pair above $51800 ( Main resistance RN ). How it can push the pair above $51800 ? It's simple; Because of the current gap forming in weekend !
📚 Also we can have another overview on the chart By adding the Supply/Demand zones and order-blocks : As you can see on the chart there was a supply formed below $52000 and it just rejected the pair below the $50600's S/R level ! Now it's located above S/R line; We can say that If we get rejected again, We might retest the lower bullish order-block and the other S/R line at $48000 and continue our path to sweep the higher 2D's FVG and fill the gap above.
- Also we can track our bears into the Wick's mid or lower H12's Demand at $40550 ! So there're many scenarios being activated by losing any level to level.
📊 Then how I would play the chart ? Follow me 👇🏼 Based on On-Chain data that I gathered; The Estimated leverage Ratio has reached new high in last two years by passing above 0.2088 and now it's standing at ~0.2116 ! Which means that there're many Over-Leveraged positions that we need to be cleared. So I would wait for any confirmation above $51800's resistance or any retest into $48000's support..
Also I'll be looking for today's EMAs to react ! But my main levels for now are :
Hope you enjoyed the content I created, You can support us with your likes and comments ! Attention: this isn't financial advice we are just trying to help people on their own vision.
Great Breakdown. Have a similar opinion on the current situation
Helical_Trades
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@Max2811, Great to know that buddy :D Hope you enjoyed the analysis !
By the way loved to know more about your own opinion.. .
Max_PowerFx
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@Helical_Trades, I am really enjoying the analysis lately. Because I am still a developing trader on the way to becoming profitable I use such detailed analysis like yours to confirm my opinion and build up my confidence and trust in my own analysis of the market.
This here is the mark up I made a couple of days ago: Because of how much Liquidity is provided below the current price I would like to see the market coming a little bit lower. But in the end, it is always observing and reacting and not predicting. So let's see what the upcoming week will provide. Have a nice Sunday mate.
Helical_Trades
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@Max2811, Love the way your improving your skills ! Keep up the great work mate...
Completely agreed with your idea too :D Let see what will happen next.. Hope you have a nice Sunday too buddy.