I am confident that PA is going to continue coming down and test one of these levels of support that I have marked off based off of Fibonacci retraces that I have removed, moving averages, and horizontals. I expect PA to bounce and pivot from one of these points of support that i have marked off. I will wait for at least a 4 hour closure above one of these points before I enter the position. I do expect bounces like our previous rally which bitcoin met resistance at about 8462 .I am bearish until bitcoin can break critical levels of resistance and our previous swing high on a weekly level of approximately 9500 to reverse our macro downtrend.
XBTUSD.P
XBTUSD.P
Comment:
To further my previous idea there is an incoming bearish cross of 10 SMA and 21 EMA which if you look at previous price action, the cross is significant. I showed here the last time we got the bullish version of this cross Bitcoin got a +16.8% rally. On the bullish side of things, price action did find support at the 377 and 55 EMA's .
Comment:
On the 4 hour chart