We are in the midst of an ABC correction to the larger degree bear trend. We have dropped quite heavily to the 61.8% retrace and I believe that this is a zone of a flurry of confluence of resistances.
on the daily chart we see the previous resistance acting as a support currently as well as the long standing support which has been tested but never broken by more than a wick since july last year. we also see the support we can draw on the 2 hr chart which seems to be holding steady right now.
we saw shorts go way up yesterday when we fell and they are slowly dying out with obvious macD divergance and negative downtick on 1 hr
longs started spiking as we were falling last night and saw larger increases than shorts up 2200 bitcoin gone long on the day vs 1500 bitcoin gone short on the day, overall leaning bullish.
I would be buying rn and layering off of any further retrace. when it comes to targets be aware of the resistances in dotted black
if you look at these prices you'll see many rejections to both the up and downsides and they are both relevant fib levels if we make it past the 2nd not much stands in our way untill the larger degree .5 fib range where algorithms will start shorting at that point if not before I would be looking to sell.
I would be buying rn and layering off of any further retrace. when it comes to targets be aware of the resistances in dotted black
if you look at these prices you'll see many rejections to both the up and downsides and they are both relevant fib levels if we make it past the 2nd not much stands in our way untill the larger degree .5 fib range where algorithms will start shorting at that point if not before I would be looking to sell.