We had a great breakout above the down trend and the neck line together, showing major sign of strength, however got rejected from the dangerous neck line. It's good that it was surpassed and now it's weakened.
Downside target of a retracement and a retest of the down trend line happens to intersect with Fibonacci 0.382 at 49.600. If that is lost, we have 47.660 also coincides with Point of control and 45k as the last retracement levels. If 45k is lost, then it's game over :)
Upside target, 60k waits as a weekly and physiological target.
We should wait until support or resistance levels of the current sideways trading range is broken and verify the direction with a swing failure.
Note that there are many bull and bear traps now, so don't FOMO into anything, set your alerts and wait for confirmation before taking action.
But hey, what do i know :)
Trade safe!
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Swing failure at the top of the range.
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Swing failure resulted a pull back down to fin 0.5 and a newlocal downtrend emerged. Unless we break above this trend line, sentiment is bearish.
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54.300 and 54.150 are the last important levels that should hold before further downside.
I agree with you,
a retrace from here is very likely. Supply has already increased significantly. But right now btc is smoothly surfing above the 50 ema on the hourly without even touching it. Last time it touched it was at 47 k!
So the uptrend is still intact. Let's wait and see.
The weekend will probably inject some madness into the market as always ;-)
benarni
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Right now it looks like btc could perhaps - amid strong selling pressure - grind it's way through the resistance. This would open the way towards 60 k.
But at the same time distribution has already begun in earnest.
It's clearly visible on the lower timeframes. Lot's of spikes to the high, huge amounts of btc beeing dumped in a fraction of a second...these are strong hands selling into strength.
Even if we go up to 60 k first - i am pretty sure we will see 55k again. This is just the logic of distribution.
a retrace from here is very likely. Supply has already increased significantly. But right now btc is smoothly surfing above the 50 ema on the hourly without even touching it. Last time it touched it was at 47 k!
So the uptrend is still intact. Let's wait and see.
The weekend will probably inject some madness into the market as always ;-)