I was bullish on BTC until last Friday before the WAR news broke. It was beautifully making a bullish penant which 70% breaks towards the upside. However, it didn't happen this time and it broke towards downside and confirmed.
Since we now got the confirmation of breaking downwards, I am seeing further downside now. Currently trying to bounce from 0.382 fib level (60K). There is no volume though and structure is really bearish. I believe it should bounce from 0.618 (GETTEX:52K) level. IMO, we will be seeing the following levels in next few days/week:
Support Levels: 1- Daily EMA 100 - $58673 2- 0.5 fib level - $56188 3- 0.618 fib level - $52000 4- Daily EMA 200 - $50182 (Worst case scenario IMO)
We should bounce really hard if we hit 3rd or 4th level of supports.
Comment
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So far, this trade is still valid. BTC is in a capitulation mode after halving which is exactly what happened in 2020 and 2016 after halving. It's a chop period.
Trade closed: target reached
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Beautifully executed trade. Exactly hit the target of $56600 to the dot.