💥 Hey guys, wishing well as always, I just want to pump this idea out real quick but we look at the chart and Bitcoin we could possibly be getting ready for a retracement on Bitcoin soon or at least in the next few days which is a very possibly outcome.
💥 Not only that but a retracement would be healthy for the crypto else we risk a mountain fall by which case we don't simply glide down the mountain before regaining our footing but instead fall off it and parachute down so that's definitely not the outcome we're looking for right now.
💥 $23,257 is proving to be a strong resistance point for buyers as we're hit that point three times by now and gotten rejected each time but that could also be a catalyst should we break it and continue that buying pressure though I personally would like to see a retracement before we see another leg up so we can de-risk our chances of getting another mountain fall.
💥 EMA wise we've managed to avoid losing our EMA's with that 200 EMA most importantly having kept below our chart so far through this rally and so once we do end up flipping below that 200 EMA I figure that the selling will definitely kick in a bit much, especially as some larger holders may seek to sell for some profits before buying up in later at a discounted price.
💥 All in all we've seen this move happen time and time again and what usually follows from that past price action is our retracement or mountain fall depending on how the chart plays out. Buying pressure is incredibly strong though and it seems like people keep buying Bitcoin but we absolutely continue the risk of that mountain fall the higher we move without a retracement. If that retracement starts to play out I'll be watching $22,670 which has both a support point as well as a resistant point. Following below that I'd watch $22,260 and $22,000 in general.
💥 Leaving the idea here but if you'd like to leave a like or follow it'd be much appreciated and thanks for taking the time to tune in and read my observation, thank you!
~ Rock '
💥 Not only that but a retracement would be healthy for the crypto else we risk a mountain fall by which case we don't simply glide down the mountain before regaining our footing but instead fall off it and parachute down so that's definitely not the outcome we're looking for right now.
💥 $23,257 is proving to be a strong resistance point for buyers as we're hit that point three times by now and gotten rejected each time but that could also be a catalyst should we break it and continue that buying pressure though I personally would like to see a retracement before we see another leg up so we can de-risk our chances of getting another mountain fall.
💥 EMA wise we've managed to avoid losing our EMA's with that 200 EMA most importantly having kept below our chart so far through this rally and so once we do end up flipping below that 200 EMA I figure that the selling will definitely kick in a bit much, especially as some larger holders may seek to sell for some profits before buying up in later at a discounted price.
💥 All in all we've seen this move happen time and time again and what usually follows from that past price action is our retracement or mountain fall depending on how the chart plays out. Buying pressure is incredibly strong though and it seems like people keep buying Bitcoin but we absolutely continue the risk of that mountain fall the higher we move without a retracement. If that retracement starts to play out I'll be watching $22,670 which has both a support point as well as a resistant point. Following below that I'd watch $22,260 and $22,000 in general.
💥 Leaving the idea here but if you'd like to leave a like or follow it'd be much appreciated and thanks for taking the time to tune in and read my observation, thank you!
~ Rock '
