For me, the zone around 11k is still pretty strong and that's why I think that price needs to retest it after the break below of it.
To be said, I had this area marked also in the last idea post, because those arrow tips aren't there without a reason.
I'm slightly scared how the BTC price has reached the marked blue area, which should be a bounce area, but still, I would like to share my thoughts about it. If you don't dare to buy it then at least take profit in this area if you are short-term short.
Firstly, we have two parallel channels.
The blue is pointed downwards. We have already touched it but hopefully, I don't post it too late. The blue projection (bottom ) should act as a .
There is another channel, a bit smaller, a bit weaker, a bit sharper BUT it matching exactly with the blue . Those two together makes a crossing area which makes this area/support stronger.
Secondly, we have Fibonacci levels.
1. Drawn from the 17. July low to the 6th August high and the Fibo Golden Ratio 62% is around $10,300
2. Drawn from the 29. July low to the 6th August high and the Fibo Golden Ratio 62% is around $10,488 - which is also our channels bottom crossing area.
Thirdly, we have Fibonacci Extensions.
Drawn a bit differently but two Fibo Ex. 162% are exactly on our prementioned crossing area around $10,500.
A bit subjective but let's see, probably it adds a bit strongness into our crossing area around $10,500
Daily EMA50 is currently $10,5xx. It can and it should work as a .
Sixthly, retest situation.
As said before, the price has cracked the 11k and for me, this level is the post strongest horizontal level between 10-12k. So, I can assume that after the breakout the price wants to retest some higher areas and this area would be a perfect retest after the next leg downwards.
SUMMARY: It is a bit risky because as said, I don't like the price action really much. From there, it is just too easy to fall lower but the crossing area between channels and other criteria allowed to do this post here. If this doesn't match with your views than you can easily step aside but for shorts, it should be a profit-taking spot.
Do your own research and if this matching with mine then you are ready to go!
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Mentioned previous ideas:
50 min. to go but we may get a bullish candlestick pattern from the strong area - The Hammer.
I'll make an update if this is confirmed, it would be a good sign for short-term growth.
Sorry, if it looks like spam but actually I don't like 1H charts ;)