BTCUSD
Fib Retracement | Inside Pitchfork | E Wave Pattern
Key Price Level: $32,800
$32.8k can stand as a bearish resistance level or a consolidatory support level if this scenario decides to play out either way it can potentially signal an upcoming bullish reversal within the market or further breakdown towards $20k. That TA depends on validity of all instruments used which in my opinion has not been sufficiently fulfilled enough to justify taking a position as of yet.
Remember - having no position is in and of itself a position.
The entirety of the TA is heavily dependant on the validity of the inside pitchfork illustrating potential bearish sentiment building within the market. I doubt the validity will become apparent until one of the scenarios has already played out which at that point this TA may serve potentially useful to take into account in terms of medium-term trend analysis.
This however is Bitcoin, like any other asset you need to consider fundamental variables that would affect said asset.
Arguably bitcoin's biggest "fundamental" variable that affects price would be speculation. Couple that with periods of low buying volume/pressure which as of a direct consequence allows whales to influence price largely within that time. This can work the other way too and depending on the current trend in the market can mean different things for your trades/investments. What this means for this TA cannot be ascertained until the present moment since no one can determine (to a certain degree) the movements of random whales at any point in time up until they have already moved. When sum of orders in BTC is invariably low and whales are accumulating it may be time to think more critically of your own TA and whether or not the possible change in risk still justifies the potential rewards you would make if you were to enter a position.
Keep an eye on spread and volatility too, always stay frosty.
These links consistently help me measure that exact concept illustrated above, hope this helps.
Combined Order Book:
https://data.bitcoinity.org/markets/books/USD
Whale Tracker Sublime v9000:
https://data.bitcoinity.org/markets/volume/6h?c=e&r=minute&t=b
GOOD LUCK, HAPPY TRADING