BTC failed to break the resistance zone witch is formed by bearish FIBBO's 0.5 level and historical resistance line at $37318 ( Also we can count it as a MSB on forward candles )
Now I can Only suggest the current order block at ~36K, Which is just broken by last candles... So it's more likely that we may retest the demand before any leg to supply ! Also on other forms, There is another bearish trendline Which just helped the bears to rejects the pair one more time.
On other timeframes : On 1H TF, XBT looks more promising, I don't want to point to any direction for BTC now, But It seems that Also XBT have the potential to grow, If current structure holds the pair above $35500 flip zone.
Now Only have to look on the 4H TF and the current resistance zone , If BTC breaks the level, The it more likely to reach 43K before June 3rd.
🔰 We can say that Below 38K is bearish and above 31K is bullish ! So We are currently in a none trade zone.
But as I mentioned above, Bulls have to take the lead above 38K before June 03... After that if BTC stays below 38K then it more likely that we will retest the demand zone cause of pivotal cross on 3rd June!
Hope you enjoyed our analysis about BTC's possible correction🙌 You can support us with your likes. Also you can share your opinion with us in comments 😉🙋🏼♂️
Attention: this isn't financial advice we are just trying to help people on their own vision.
I think we can definitely break this line and gain support around 38k, the question is if that time is now or after more fall XD let's see! (Just sharing my thoughts, I am still keeping an open mind that we may see 27k)
Love your work and charts 🔥🙋♀️🙋♂️
Helical_Trades
⋅
@jazerbay, Aha :D
27K lovely..
23K is a good entry XD
By the way..
Yeah I'm really searching for a double bottom around 27K..
j_bones
⋅
@Helical_Trades are you adding to your position in low 30’s, or just waiting for 31k support to break? IMO cost averaging in low 30s while keeping 40% of perpetual short at 55k open, till market makers provide clarity. We need some growth for 31k support to be broken. Long term ‘hodlers’ (holding on dear life) will not liquidate positions till 47k range, sell off could be triggered, providing wick down to 27k but, retail investors can alone provide 27k market price. Making 25 or 20k a very quick visit and depending on platform, difficult to transact order (high volume crashes CB pro). Happy Limit Sniping. Be sure to set orders at random numbers for best odds to be filled. 28,891.78 🤓
i love that blue resistance line and i count on it so much since it is more alive if you wanna check its role in indicators, check my analysis please plus bullish volume is artificial it happens suddenly and I'm keeping an eye on alts if btc rise they will rise so much harder vet,ada,xlm are around their historical lines and since certainty is low I don't go for long at all plus people are on two sides and they become one in 40_42 so it will fall before reaching there helical trader you would do a great favor to me if you check my ideas about btc and vet
I think we can definitely break this line and gain support around 38k, the question is if that time is now or after more fall XD let's see! (Just sharing my thoughts, I am still keeping an open mind that we may see 27k)
Love your work and charts 🔥🙋♀️🙋♂️