Bitcoin (BTC) - 54k is my lower target
Relief rally is in, made some good gains on ROSE, ENJ and SOL.
Now BTC is under support-turned resistance at 58500
If we see a rejection here my primary area of interest is the 54k zone (53800 is a key level I have marked out). If we break through next resistance is 62-63k range.
Looking at the 54k range: This level was previously support and a big value area with volumes traded. Confluent now with both ascending macro channel and descending daily channel, Confluent also with monthly open and monthly reversal doji, which makes this a further area of interest. Further, the 54k range is also the approx 50% retrace from recent top
Importantly, returning again to my on going OBV trends on the 4H, we can see that BTC briefly broke out of the top of this trend channel, found support on the top side but ultimately lost that support with this pull back. It is likely that we see BTC return now to the green trend, as has been its tendency for the past 6 months. It seems reasonable to think a revisit to the 54k range would find support on the importance green OBV trend I have marked and and see BTC start to reset from there (Purple lower OBV trend has been the capitulation point and may see that is there are lots of liquidations)
Alternatively, what we have witnessed the past few days is a bear trap to produce liquidity for an upside push and the OBV trends may not be utilized.
On the bull trappish side of thing, (as we are seeing far more longs opened than shorts still) we may see a push but up through resistance toward 62k, new longs opened, before a plunge back to 54k, liquidating those long.
I anticipate 58500 to 54000, but will be trading carefully
Now BTC is under support-turned resistance at 58500
If we see a rejection here my primary area of interest is the 54k zone (53800 is a key level I have marked out). If we break through next resistance is 62-63k range.
Looking at the 54k range: This level was previously support and a big value area with volumes traded. Confluent now with both ascending macro channel and descending daily channel, Confluent also with monthly open and monthly reversal doji, which makes this a further area of interest. Further, the 54k range is also the approx 50% retrace from recent top
Importantly, returning again to my on going OBV trends on the 4H, we can see that BTC briefly broke out of the top of this trend channel, found support on the top side but ultimately lost that support with this pull back. It is likely that we see BTC return now to the green trend, as has been its tendency for the past 6 months. It seems reasonable to think a revisit to the 54k range would find support on the importance green OBV trend I have marked and and see BTC start to reset from there (Purple lower OBV trend has been the capitulation point and may see that is there are lots of liquidations)
Alternatively, what we have witnessed the past few days is a bear trap to produce liquidity for an upside push and the OBV trends may not be utilized.
On the bull trappish side of thing, (as we are seeing far more longs opened than shorts still) we may see a push but up through resistance toward 62k, new longs opened, before a plunge back to 54k, liquidating those long.
I anticipate 58500 to 54000, but will be trading carefully
Comment:
They are simply and changeable indicators, but I like what 4H MACD, RSI and OBV are telling me about a possibly rally towards descending channel trend. SOL will love it if it happens
They are simply and changeable indicators, but I like what 4H MACD, RSI and OBV are telling me about a possibly rally towards descending channel trend. SOL will love it if it happens
Comment:
BTC breakout attempt underway, price and OBV both breaking trend. I like it when that happens. 4H close will give me some confidence of a push up toward 58-59.5k zone and a retest of that range
BTC breakout attempt underway, price and OBV both breaking trend. I like it when that happens. 4H close will give me some confidence of a push up toward 58-59.5k zone and a retest of that range
Bitcoin breaking from falling wedge into resistance, low volume and relatively low probability that this succeeds, but watching this retest and possible squeeze of that 58500k level