BTC lost 10% last week. Based on technical analysis, I'll try to explain what happened, where the prices are as well as what may come the next weeks.
Firstly, the pullback of 10% was caused by the rejection when BTC touched the wickless weekly trendline. This trendline, a key level, was lost around 1 year ago (in May 2022). Now, BTC is trying to conquer it.
Secondly, where is the position of BTC at the moment? As seen in chart, BTC price is found at a strong support which is the confluence of the EMA 50D and the Fib. 0.382. In weekly time-frame, the EMA and Fib levels have been good supports for the recovery of BTC, since the begining of this year.
Finally, to predict the next moves of BTC, we need to keep an close eye on this level 27200-27400 (confluence of EMA 50D and Fib 0.382). If any weekly candle closes below, BTC will go down to 22K, very likely. If the 27200-27400 holds, BTC will retest the wickless weekly trendline and very possibly the major Fib 0.5 (at around $32700).
What do you think about this analysis?
All the best!
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Confluence of EMA 50D and the Fib. 0.382 is playing well. BTC has been bouncing 5% since yesterday's post
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BTC prices are still in the range formed by the Wickless weekly trendline (around $30000) and the Fib 0.382 + EMA 50D (around $27400). Maybe, next week we'll know better the next trend because the end of the current weekly candle would confirm it.
I like the analysis. Looking forward to BTC touching 32k+.
evasivesteering
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@AndyDaniels, Thanks. Be prepared for both sides :)
Moneyisjustanumber
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IF IF IF IF
IF is LIFE DECISION
BEING 22k and 32k IS LIFE IMPORTANT DECISION!
ITS NOT HEALTHY TO LOSE 5-10k using IF or that is called simply = GAMBLING!
Update your "IF" and have some bollocks to decide direction as your view or update us once we are on the "KEY" level to go down or "UP". Be our BELL that will RING WARNING!
:D
AndyDaniels
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@pbal000, its Crypto. IF is the Key the word. IF it goes UP, IF it goes down. No one actually knows. IF you don't invest you will not win or lose money. Any investment is a gamble.
evasivesteering
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@pbal000, All is about probability (and gambling is too). Decision making and risk management are your own tasks and no one can do it for you. Thanks anyway for your comment.
monajafi
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I lost most of my savings last year in crypto gambling and I don't know anybody who didn't lose last year. whatever gamblers do the casino's = exchanges are the winners
evasivesteering
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@monajafi, I agree with you on this point: exchanges always win. I hope that things get better to you now. Take care!