Analysis leading up to today.
01/27/2021, bullish push which ended up breaking ATH of 41.9k. Reached around 60k before dumping and respecting previous ATH as support (still bullish market structure as we respected HL). TL was respected until the last ATH of 65k 04/14/2021 formed and was not able to sustain, dropping price to 47k, breaking the TL and making a new lower low (bearish market structure sentiment). New lower high was made when the previous resistance (and short support for last ATH) was respected and brought price even lower before eventually dumping to where we are today (30k the lowest).
Analysis today
After price dumped to 30k (previous major support) due to fundamental and technical analysis, price rejected on the Daily timeframe and is currently hovering around the 38-39k price range. I anticipate this as the new Lower Low if price can continue to reject this price and move up. If BTC does not reject previous support, now resistance of 47k and can push to 50k+, we may see higher highs and higher lows to continue up to new ATHs. Currently, a daily bullish fib analysis with anchors at 29.8k (an the low) and 65k (as the high) shows price rejecting the 78.6 PRZ level. Wondering if BTC can close with a bullish pinbar, which will put it above the 61.8% fib retracement for a nice setup in the following days to continue bullish.
First published idea, been posting analysis in my family chat and wanted to see what you guys think. Any feedback will be appreciated. Always look forward to learning market analysis.
01/27/2021, bullish push which ended up breaking ATH of 41.9k. Reached around 60k before dumping and respecting previous ATH as support (still bullish market structure as we respected HL). TL was respected until the last ATH of 65k 04/14/2021 formed and was not able to sustain, dropping price to 47k, breaking the TL and making a new lower low (bearish market structure sentiment). New lower high was made when the previous resistance (and short support for last ATH) was respected and brought price even lower before eventually dumping to where we are today (30k the lowest).
Analysis today
After price dumped to 30k (previous major support) due to fundamental and technical analysis, price rejected on the Daily timeframe and is currently hovering around the 38-39k price range. I anticipate this as the new Lower Low if price can continue to reject this price and move up. If BTC does not reject previous support, now resistance of 47k and can push to 50k+, we may see higher highs and higher lows to continue up to new ATHs. Currently, a daily bullish fib analysis with anchors at 29.8k (an the low) and 65k (as the high) shows price rejecting the 78.6 PRZ level. Wondering if BTC can close with a bullish pinbar, which will put it above the 61.8% fib retracement for a nice setup in the following days to continue bullish.
First published idea, been posting analysis in my family chat and wanted to see what you guys think. Any feedback will be appreciated. Always look forward to learning market analysis.