BTC - $3000 test before breakout
The exhaustion from the nonfailure reversal on 24/12 (blue vertical) predicts a break of $3000, providing institutional investors access to a significant liquidity pool. (dark blue) has an extended fib level (0.786) at $2959. This is close to the previous resistance/support level found at $2955.
Short term Fibonacci time zone placement (vertical dashed) suggests that significant changes in trend may occur around 26/1 and 19/2. Long term Fib time zone placement (vertical solid) suggests a significant trend change around 10/2.
A high probability long position could be entered at the levels indicated in green, with a stop loss placed below 2900. The mid term targets from the predicted breakout average around 5400. This provides a potential R value of >14. I will post another chart as we approach the potential breakout zone.
This is a bearish-neutral signal. Suggesting sideways movement with a potential upward stop loss hunt, but with a probable bearish outcome
This indicates very low volatility, which often precedes a high volatility move (As per Hunt Volatility Funnel)
This is occurring as we are 1 day away from the next short term fib time zone (5), while sitting on the significant level of 3500.
We could now see a break from the uniquely constrained volatility
RSi break above 30 giving same signal
I'm holding a hedge short and taking some profits for later reentry