BTCUSD broke through 42K. Here are my next levels to watch to the down side. Saving dry powder to add heavily if this drops to 30/32K.
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Coming into first level at 38459. Next level 32k if level breaks.
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Right though the 38K level and to the big zone. Bouncing now but expect a least one retest before a big move back up. Safe to say the 30k level is critical to hold.
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So the bounce is holding but be aware price has now come back into an area of heavy resistance. Many people who got trapped at the highs will look to sell coming into the bottom of the neutral.
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Selling came in just below the 42K area and price has sold off retesting the lows. This was to be expected. On deep sell offs there is almost always a relief bounce and then a retest of the low. That is what is happing now. Ignore the news as it only serves to confirm what price is doing anyway. Most trades are expecting that the low will be undercut so the the 27K area is an area to watch. I will post a new chart on the higher time frame with zones to watch.
