Hi all again, Briefs: - Market is running on sideways mode as my last comment on previous update - 47000 is a good point to hold (better than Elsalvador I guess). I observed in the last few days, many good buy around this level and ready for long-term - Price would make some back and forth at this level due to need to build up buyers and move when MM decides it's time to move to higher level with more interests. Currently there are not much interests from both sides at this zone. - Price needs to swipe margin buyers before moving, so be careful if you do margin (should not use margin) - Worst case is they want to test the interests in lower level but as I saw last time there are not much interests in the lower levels when price had first touch to 42k. - Plan is to buy when we see trapped early buyers and price moves upward after that. SL tight and exit when it broke below the trapped zone. Be patient with candle close.
Good luck!
Comment
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Price made a trap yesterday and show no interests below 47000 this time again. Then made a nice H4 OB candle today. So it's good sign to go with first plan while you have tight SL with nice RR ahead.
Thank you for the updates. After a large selloff on 4th December, BTC made a rising wedge to the 51500 keylevel. The first target of the rising wedge is about 46500 that don't touch till now. And the subjective target is around 41k. There is also a descending trend line. Breaking it to the upside and closing a candle above 49k, could neglect falling more idea for now.
suvny21
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must not go lower than 44k
dianaelena27
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pivot point is at 48710. For. Next few hours.
The downside prevails as long as 48710 is resistance.
Alternative scenario
Above 48710, look for 50120 and 50960.
Comment
The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 48508 and 49402).
Supports and resistances
50960 **
50120 *
48710 **
48150
47377 last
45630
44790 **
43960 *
43120 **
DatTong
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@dianaelena27, It's better to check out those levels with the DOM in real-time than based on the last century's formula I guess.
After a large selloff on 4th December, BTC made a rising wedge to the 51500 keylevel.
The first target of the rising wedge is about 46500 that don't touch till now.
And the subjective target is around 41k.
There is also a descending trend line. Breaking it to the upside and closing a candle above 49k, could neglect falling more idea for now.