This is just a quick update on Bitcoin's short term price action.
The 5H chart is close to printing a Death Cross (EMA50 crossing below the EMA200). Since we are still within a 1D Descending Triangle (meaning Lower Highs with a Support) with 9100 as the 1D Support, there is a strong probability of another contact.
This argument becomes stronger as the previous time BTC made a Death Cross on 5H, the price touched the 9100 Support before making a strong Lower High rebound within the Descending Triangle. The candle action (see the Rectangles on the chart) now and then is identical.
Is $9100 - 9400 a valid Demand Zone? Hit the like and subscribe button and let me know in the comments section for another heated discussion!
I would not expect a bounce from $9100-9500. That is a break down point and I would expect a further breadown from these levels down to the $8500 and below area.
VickzinBK
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I wouldn't but heck it's bitcoin you might be right. After Binances crazy maintenance we've bin pretty close to buyer support and rising after a double bottom. I'm leaning more towards back to 10.6k-11k level. Check out my analysis for more detail.
CryptoBullet
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great work
what do you think about this?
Zivul33
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that demand zone is about to get BTC soon !!
Ruckusman
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Hi!
I follow you for some time.
How the **** have you found 5H? Why? I have 4h and 6h, I understand 3h (because 24 divides with 1,2,3,4,6,8,12 ...) ....
Tricky question: If you folllow 5h graph - when the daily candle closes? Every day?
Sorry to ask you so but I am mathematically courious ;)
Best Regards, Peter.
Tassolago
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Nice chart, luckly we are trading above that right now!