BTC Long set up at 37k and possible evidence of a great buy.
After finding strong resistance at 53k. BTC could go into a correction and here we are looking for evidence of a great possible long set up. Going to the Weekly, we have a weekly resistance marked by blue horizontal line which could flip into significant support. Not only that but we also have our 0.618 fib of our uptrend wave that lands on a High volume node on our uptrend volume profile. These are strong confluences that can give us a greater possibility of strong support.
In our current situation BTC found very strong resistance at 53k which was the 0.618 Fib of our downtrend as you can see in Exhibit A. We broke our uptrend channel (Exhibit B) and is a good signal of a correction. As of right now we have our 0.382 FIb at 42.6k holding as support. Once that breaks, we have a high chance to test our PoC of this uptrend at 39k. A possible bear trap could happen if we break PoC and sub 37k would be my target for long entry.
Exhibit A
Exhibit B
Exhibit C
In our current situation BTC found very strong resistance at 53k which was the 0.618 Fib of our downtrend as you can see in Exhibit A. We broke our uptrend channel (Exhibit B) and is a good signal of a correction. As of right now we have our 0.382 FIb at 42.6k holding as support. Once that breaks, we have a high chance to test our PoC of this uptrend at 39k. A possible bear trap could happen if we break PoC and sub 37k would be my target for long entry.
Exhibit A
Exhibit B
Exhibit C