Please note I'm working the Coinbase chart this week; more on why in my podcast / stream: "BlokSquawk".
Bitcoin is in a downward trend right now, trading at around 7830. Let me just come out and say it first then I'll tell you why I think I am right. Ideally, you agree with me and we all fall in crypto-love. If not, that'll be your cue to tell my why you think I am full of it. OK, onward..
Say we continue in this much needed blood-bath for a few more days. The first area of support is gonna hit us at about 7678; That's a fib level and we're already kinda close to it. Below that we have some previous Support/Resistance at 7360. Then there is another fib level just above 7k. I wont expound on figure-print psychology but you get the idea. This 7k thing is perhaps my STRONGEST leaning. I suspect that we will continue to go down hard (with some consolidations along the way of course) and begin turning back up as soon at the 10th of June or as late as the 15th perhaps...
There are 2 major levels of Prev. S/R at ~6900 and ~6190, in-between of which is the 50% retracement level, but I'm hesitant to mention it because it has no real relationship to Fibonacci ratios (as best I know ). the 6900-6200 zone is also significant (as Prev. S/R) in and of itself.
Our bearish path, IMHO, likely terminates at or before the major 0.618 fib level at ~5909. If we drop much further than that, I'm actually gonna consider MagicPoopCannon's call for a retesting of the 3K lows... ...yea, let's hope not.
On a more optimistic note, we could turn back north after one of these aforementioned levels and, after traversing these if'y bridges again we could end up testing our current resistance at ~8230.
If we begin trading above our May high of ~9085 then we face a strong and historical S/R zone that begins @ ~9244 and contains voluminous trading volume all the way up to the 10k psych-level (A.K.A.: "Figure", "Big Figure", "Big Fig", "Figure-Print", etc.). This trading zone last saw heavy and volatile trading during the last week of April 2018 through first week of May 2018
I'll catch you guys on the flip-side of the movement, please comment & follow. I enjoy interacting with other traders on tv. the Twitter crowd is jaded or poorly educated or too to us / with us.., lol.
Hey is that a triangle forming on the chart right now..? ;)
Bitcoin is in a downward trend right now, trading at around 7830. Let me just come out and say it first then I'll tell you why I think I am right. Ideally, you agree with me and we all fall in crypto-love. If not, that'll be your cue to tell my why you think I am full of it. OK, onward..
Say we continue in this much needed blood-bath for a few more days. The first area of support is gonna hit us at about 7678; That's a fib level and we're already kinda close to it. Below that we have some previous Support/Resistance at 7360. Then there is another fib level just above 7k. I wont expound on figure-print psychology but you get the idea. This 7k thing is perhaps my STRONGEST leaning. I suspect that we will continue to go down hard (with some consolidations along the way of course) and begin turning back up as soon at the 10th of June or as late as the 15th perhaps...
There are 2 major levels of Prev. S/R at ~6900 and ~6190, in-between of which is the 50% retracement level, but I'm hesitant to mention it because it has no real relationship to Fibonacci ratios (as best I know ). the 6900-6200 zone is also significant (as Prev. S/R) in and of itself.
Our bearish path, IMHO, likely terminates at or before the major 0.618 fib level at ~5909. If we drop much further than that, I'm actually gonna consider MagicPoopCannon's call for a retesting of the 3K lows... ...yea, let's hope not.
On a more optimistic note, we could turn back north after one of these aforementioned levels and, after traversing these if'y bridges again we could end up testing our current resistance at ~8230.
If we begin trading above our May high of ~9085 then we face a strong and historical S/R zone that begins @ ~9244 and contains voluminous trading volume all the way up to the 10k psych-level (A.K.A.: "Figure", "Big Figure", "Big Fig", "Figure-Print", etc.). This trading zone last saw heavy and volatile trading during the last week of April 2018 through first week of May 2018
I'll catch you guys on the flip-side of the movement, please comment & follow. I enjoy interacting with other traders on tv. the Twitter crowd is jaded or poorly educated or too to us / with us.., lol.
Hey is that a triangle forming on the chart right now..? ;)
Cheers!