BTC Support Price Ranges, direction, will be watching closely.
Towards the end of 2020 BTC trended well. Starting in 2021 the mainstream media picked up more stories, ETF's are now an option, DOGE pumping on reddit hasn't helped BTC, my opinion of course. I believe this is scene in the price swings beginning in Jan 2021 as they became wider. Price swings are often a sign of a top, correction, some type of consolidation period which I believe is happening now. How much...we can only watch as the charts unfold. What I'm looking for I've stated below.
I would like to see support at/around the 43k range and sideways movement with large above average volume creating strong support prior to moving up. However, without above average volume price unlikely will not hold up. Next level of support watching closely the 50EMA (S2 36,795), if this doesn't hold up I don't think BTC moving to the 23,504 area is unbelievable. It does fit the 50% retracement level that is normal for a stock with this type of of price increase. I'm not going to speculate anymore on S3, goal is to watch closely the price/volume action over the next week or two for the support levels mentioned.
I would like to see support at/around the 43k range and sideways movement with large above average volume creating strong support prior to moving up. However, without above average volume price unlikely will not hold up. Next level of support watching closely the 50EMA (S2 36,795), if this doesn't hold up I don't think BTC moving to the 23,504 area is unbelievable. It does fit the 50% retracement level that is normal for a stock with this type of of price increase. I'm not going to speculate anymore on S3, goal is to watch closely the price/volume action over the next week or two for the support levels mentioned.