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BTC finally broke out of the descending and started a new trend. On the long run we are bullish but first we need to reach some key levels. We expect to see a bounce from 5177-5300 area and maybe the end of the bear market somewhere between 4374-4261. If the second area doesn't hold, the last area 3252-3064 has the highest chances to hold.
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So, it seems that the bears are powerful. We had a nice reaction from the first zone and as expected it didn't hold but we were expecting to see a correction to at least 5.8k (5658 was the top). Now we are heading towards the second area which we considered to be a potential bottom but seeing how powerful the bears are, we are starting to have doubts about this. For now, btc is still in a very good buying zone as you can see in the picture.
So, it seems that the bears are powerful. We had a nice reaction from the first zone and as expected it didn't hold but we were expecting to see a correction to at least 5.8k (5658 was the top). Now we are heading towards the second area which we considered to be a potential bottom but seeing how powerful the bears are, we are starting to have doubts about this. For now, btc is still in a very good buying zone as you can see in the picture.
Comment:
BTC ignored the confluence of horizontal and diagonal support and went straight to the second buying zone. We have a reaction but it is not THE reaction we wanted to see.
BTC ignored the confluence of horizontal and diagonal support and went straight to the second buying zone. We have a reaction but it is not THE reaction we wanted to see.
Comment:
This is THE reaction we were looking for.
This is THE reaction we were looking for.
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https://newmexcapital.io/
Telegram: https://t.me/NewMexCapital
Twitter: https://twitter.com/newmexcapital
Great observation, I got out of crypto after the 12k break, but I have always been waiting for 4800 to come.. how will it proceed? I will let your chart tell us. Good luck everyone.
See mine from January 18 below
See mine from January 18 below
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Lol one drop and now we are heading straight down when we have never had such a low RSI on the daily...just like Bulls, one small pump and we are heading to 100k...the narrative seems to always be kind of bias!
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@Poukitoun, we called this scenario months ago along with the first target 5177-5300 from where we had a very nice price reaction.
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@Poukitoun, keep in mind that rsi is useless in pumps and dumps. If btc would have fallen naturally, with impulses and corrections and rsi would have been so low than yes, it would have been relevant. We believe that the bottom will be at the second or third zone because of the 3d bb extreme squeeze.
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Great work~ This is strictly based off the volume profile and where we can expect a bottoming and the smart money to come in at eventually.
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Thanks a ton for your work!
I've done some post-mortem of the break down in my analysis | Talked about what's next? | Included a free trade + Many updates:
I've done some post-mortem of the break down in my analysis | Talked about what's next? | Included a free trade + Many updates:
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2. Positive reaction from the first buying zone. Could be a good time to start taking TP or at least to put the stop in BE.
It is very unlikely for this to be the bottom. Expect sub 5k values. The second area could be the bottom and if not, the 3rd will most likely be.