Well... If you checked out my two last posts and took some bullet points out of them you probably have been doing well. As always it always about positioning your self accordingly to the market movement and ALWAYS having your exit and next entry points planned out. So lets get back to BTC. Everybody was expecting a huge move outoff the triangle and we got that breakout.The question at this point how far will we go down? I believe we are at a pivot point. As you can see we are hitting the 50 EMA on weekly and there is also another pivot on the chart which makes this line stronger. I believe we will jump back from the 50 EMA and test 8800-9000 level. Lets see if we could break that level before making an entry. If we cant really back up and cant break those levels I believe we are running down towards the 200 EMA on weekly.However before hitting 200 EMA on weekly there are many small support zones on daily and hourly charts but if we end up creating a bottom 5250-5500 will be our bottom.
As always, not an advice just a thought.
Previous analysis,
As always, not an advice just a thought.
Previous analysis,
Comment:
I believe its a good place to become cautious and re position our selves. 8800-9000 level will be a tough resistance to breach so I believe we could start taking profits and wait to see if wee break those levels for a new entry. Stay safe