A near term view and analysis of Bitcoin.
Price Range Extremes: 33k & 45.5k
Bulls
After a second touch to resistance; buyers are attempting to soak up selling in the mid/lower range.
If Buyers win: The area near 37k holds; and price is pushed above 40k; resulting in a break and 3rd push toward 45.5 resistance.
** VS. **
Bears
If Sellers win: a breakdown of 37 and 35k; resulting in a 3rd touch toward extreme lows. (3rd touch increases likelihood of a continuation)
*FIB tool is drawn from extreme low and extreme high of the range. 50% is @ ~39.3
**Price moved lower into the 30s after losing an uptrend line and significant support at 45.5
***ETH and some other major coins are painting a slightly more bearish picture than BTC
Depending on Bias; a strategy of opening positions nearest the extreme sides of the range may be the best way to play.
Placing trades on structure breaks may be effective as well. Observing from lower time frames (1h, 4h) in anticipation of higher time frame moves (1D, 1W)
Upside Resistance 45.5k. 52k
Downside Support 35k, 33k, 30k, 28k
Trade Safe, Trade Happy
Price Range Extremes: 33k & 45.5k
Bulls
After a second touch to resistance; buyers are attempting to soak up selling in the mid/lower range.
If Buyers win: The area near 37k holds; and price is pushed above 40k; resulting in a break and 3rd push toward 45.5 resistance.
** VS. **
Bears
If Sellers win: a breakdown of 37 and 35k; resulting in a 3rd touch toward extreme lows. (3rd touch increases likelihood of a continuation)
*FIB tool is drawn from extreme low and extreme high of the range. 50% is @ ~39.3
**Price moved lower into the 30s after losing an uptrend line and significant support at 45.5
***ETH and some other major coins are painting a slightly more bearish picture than BTC
Depending on Bias; a strategy of opening positions nearest the extreme sides of the range may be the best way to play.
Placing trades on structure breaks may be effective as well. Observing from lower time frames (1h, 4h) in anticipation of higher time frame moves (1D, 1W)
Upside Resistance 45.5k. 52k
Downside Support 35k, 33k, 30k, 28k
Trade Safe, Trade Happy