From our previous analysis, we had to step back and reanalyse bitcoin. By doing this, we could separate price action into different phases. Impulse and corrective phases.
The level to watch now is 42K where we have 61.8 bigger fibonacci and previous levels where price reacted strongly.
See links below for more information. Goodluck and trade safe!
At the moment its around bottom of the Ichimoku Cloud and SMA100 if day ends above we will have a rebound from current level, if not then would agree with your support line
WicktatorFX
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@white_crow, agreed. I saw it was at the SMA100 level but that’s only one confluence. Was looking for an area with multiple confluences. I really need to learn ichimoku cloud! Heard great things!
white_crow
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@Wicktator, it definitely works, have learnt many times top and bottom of cloud is being respected always (bounces) - and its very good tool to see when market turns bear and when turns bull.
On daily Ichimoku you can see for instance we were above cloud since October 2020 so if someone followed this as a signal would make very well. Going under 49k would be under and that would invite more bears to party and make future extremely unpredictable
kirti_vinod
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Your charts are crystal clear! Thank you for all your efforts
Thank you for the super easy to follow charts, have learnt a lot.
Let’s have some colour back in the charts 😁
WicktatorFX
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@bigGFx, Haha! Hit me up with some different colour combinations. Bored of the red and blue!
blessingpredav
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nice chart bro
panickyStork11703
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Could this not be the end of the rally? It has went on as long as the previous run for around 12 months top to bottom. It has also grown by the same amount over that period. It could be down and down further from here
stoko29
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If we stay above 40k mate we still bullish and 70 and 100 are looking good if that happens but until then we stay vigilant to react and adapt to market conditions. Colour scheme nice and as always very educational chart with so much value. Top man