I think that like during the first correction from $19,900, we will have a wick downward outside the falling wedge to touch support before breaking upwards.
Chart analysis is based on: - Fib level - Chart patterns - Fractals - Support & Resistance - Trendlines - RSI
I expect reversal to take place in the $5,550 to $5,400 range.
All the Best from the Crypto Space Alteroc
Trade active
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After reworking the fib levels from back to 2013, $5,700 can play an important role.
I still think $5,400 will be the key level, however $5,700 is the next in line for now.
@MagdyEl-Nidany, Don't be greedy. Buying now can be an aggressive setup to sell back around $6,200 and then short back until $5,700 to $5,400 area is reached.
@MagdyEl-Nidany, I trade both but mainly in USD pairs. I keep BTC pairs for long terms portfolio
Tim0686
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My main analysis says 5.450 at the bottom but not many people believe it will go down again after the latest drop (which can be an indicator or contra-indicator). I have a small position as I believe we are going down but at the same time are nearing a (temporary) bottom.
Alteroc
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@Tim0686, We are now below the 0.618 long term fibonacci level drew from 2013. I don't think current market has a chance to break without using next support at $5,400.
If BTC price only go back within the wedge I expect $4,900 to be next support. One play at the time. Let's see!
Tim0686
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@Alteroc, I now think 4.9k is a real possibility but with a few small bounces. Today nothing really happened, if there is a big drop it would be tomorrow. Then weekend bounce and possible more down next week before going up. Another possibility is a real V-shape if there is panic selling.
Alteroc
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@Tim0686, Tricky to say right now. We might have a diamond bottom couple with an inverse H&S in formation on smaller timeframes. I'm on stand by
Or be greedy and wait for 5500 ?