Evening all,
Full TA in the video as usual. Some notes:
Remember to hit the BOOST
- Bitcoin hit the measured move on the breakdown of the rising wedge circa 16236.
- Bitcoin then formed an inverse head and shoulders and formed the head and right shoulder
- Measured move from the IH&S IMO 17299...however
- Strong resistance at 16910. Bitcoin has to break and hold this long term resistance to have a chance to reach 17299.
- Should it break the level we have strong SMA resistance on numerous time frames, and fib resistance at 17091. Strong area of confluence and not going to be easy to break down.
- Should we manage this and move up to circa 17299 in my opinion this is where to take profits.
- Very strong probability after printing a lower low that Bitcoin will print a lower high thus confirming a new downtrend.
- Remember the weekly candle close looked extremely bearish but a relief rally was expected.
- Market moving news comes out on Thursday with the Initial Jobless claims data and then on Friday we have the PCE price index data. If the data is unexpected we could see a more Hawkish FED in 2023 and markets will price this in accordingly.
- From a support point of view - Bitcoin must hold fib .236 (16788), should it lose this then we might see more downside.
- In a bull market this sort of pattern would play out beautifully but there is so much to consider at the moment in the bear market that any LONG TRADE is HIGH RISK!
I will add another update post market open at 2.30pm tomorrow.
Thanks for taking the time to watch the video.
Be patient and stick to your strategy!
Please hit the boost button if you like this update.
Back tomorrow.
Thanks
SIMON BPOI
Full TA in the video as usual. Some notes:
Remember to hit the BOOST
- Bitcoin hit the measured move on the breakdown of the rising wedge circa 16236.
- Bitcoin then formed an inverse head and shoulders and formed the head and right shoulder
- Measured move from the IH&S IMO 17299...however
- Strong resistance at 16910. Bitcoin has to break and hold this long term resistance to have a chance to reach 17299.
- Should it break the level we have strong SMA resistance on numerous time frames, and fib resistance at 17091. Strong area of confluence and not going to be easy to break down.
- Should we manage this and move up to circa 17299 in my opinion this is where to take profits.
- Very strong probability after printing a lower low that Bitcoin will print a lower high thus confirming a new downtrend.
- Remember the weekly candle close looked extremely bearish but a relief rally was expected.
- Market moving news comes out on Thursday with the Initial Jobless claims data and then on Friday we have the PCE price index data. If the data is unexpected we could see a more Hawkish FED in 2023 and markets will price this in accordingly.
- From a support point of view - Bitcoin must hold fib .236 (16788), should it lose this then we might see more downside.
- In a bull market this sort of pattern would play out beautifully but there is so much to consider at the moment in the bear market that any LONG TRADE is HIGH RISK!
I will add another update post market open at 2.30pm tomorrow.
Thanks for taking the time to watch the video.
Be patient and stick to your strategy!
Please hit the boost button if you like this update.
Back tomorrow.
Thanks
SIMON BPOI
BPOI - CRYPTO TRADING GROUP
