Bitcoin short term update : levels of confluence
Hello fellas, welcome back to another technical analysis about bitcoin which I think is very important right now to give you update about this frequently during this crucial time. Let's get to the point!
You can see that the price has already broken down of the long awaited descending triangle. And after the broken down of the previous support, the price is now consolidate above the green area which is the confluence zone of previous support and the fibonacci levels of 78.6%. This fibonacci level also known as a flavor of the year back in the 2018 because a lot of investment instruments having a bounce right after touching this fibonacci level. But, if this level can't hold the price from further downside move, we might see further push to the yellow area which becomes the interim swing low.
For all of you who has entered a short position just like my previous call, you can now activated the trailing stop or moving the SL into profit to secure your profit. Because I see a bouncing potential of the price to retest again the previous broken support around $7150 region to complete the phase 2 of breakout strategy. We must be aware when the price touch this level of support especially for short position.
You can see that the price has already broken down of the long awaited descending triangle. And after the broken down of the previous support, the price is now consolidate above the green area which is the confluence zone of previous support and the fibonacci levels of 78.6%. This fibonacci level also known as a flavor of the year back in the 2018 because a lot of investment instruments having a bounce right after touching this fibonacci level. But, if this level can't hold the price from further downside move, we might see further push to the yellow area which becomes the interim swing low.
For all of you who has entered a short position just like my previous call, you can now activated the trailing stop or moving the SL into profit to secure your profit. Because I see a bouncing potential of the price to retest again the previous broken support around $7150 region to complete the phase 2 of breakout strategy. We must be aware when the price touch this level of support especially for short position.
Hello all, Giving you an update of current bitcoin's condition. based on my yesterday's analysis, we can see that the price has already broken down the 78.6 fib levels and is now retesting the yellow region as the interim swing low. Here I provide you the perspective on 1 hour chart.
The price is now trending above the yellow region which is the interim swing low and the strong support before lower zone on $6000 region. For now, I will expect a consolidation move at this level. although we've seen the the lower high structure, But shorting at support line however is not wise for a trader.
Breaking out of the triangle which is now descending will become my long entry and will targeting the previous broken support which is now become resistance around $6800 region.