Good day,
First of all i would like to say thank you to all who have supported my previous ideas with feedback, means a lot for me.
I would like to point important price levels for Bitcoin, which play important role in overall market strcuture and could give us indication where we are headed to.
6500$ -- Current swing low and possible "The Bottom"
7750$ -- Previous range high, held as support by bulls.
8500$ -- Weekly equilibrium and 0.5 retracement on fibonacci which will mark current fair market value.
9300$ -- Huge Supply zone, lot of long positions looking to exit at breakeven price.
If we manage to close and open high timeframe (4H / 12H / Daily / Weekly) candle above current weekly equilibrium (8500$) i expect market to push into 9300$ supply zone. If we are not able to close and open above weekly equilibrium i expect price to return into previous range demand zone at 7500$, high volume close below 7500$ would invalidated current uptrend and i would expect return to current swing low / lower low.
We have to keep in mind that we are still in bear market and havent been able to break market structure yet, always keep your risk managed and use stoploss to protect yourself.
Good luck everybody,
Stay safe.
First of all i would like to say thank you to all who have supported my previous ideas with feedback, means a lot for me.
I would like to point important price levels for Bitcoin, which play important role in overall market strcuture and could give us indication where we are headed to.
6500$ -- Current swing low and possible "The Bottom"
7750$ -- Previous range high, held as support by bulls.
8500$ -- Weekly equilibrium and 0.5 retracement on fibonacci which will mark current fair market value.
9300$ -- Huge Supply zone, lot of long positions looking to exit at breakeven price.
If we manage to close and open high timeframe (4H / 12H / Daily / Weekly) candle above current weekly equilibrium (8500$) i expect market to push into 9300$ supply zone. If we are not able to close and open above weekly equilibrium i expect price to return into previous range demand zone at 7500$, high volume close below 7500$ would invalidated current uptrend and i would expect return to current swing low / lower low.
We have to keep in mind that we are still in bear market and havent been able to break market structure yet, always keep your risk managed and use stoploss to protect yourself.
Good luck everybody,
Stay safe.