BTC will always surprise in each direction.
with a lack of earnings and producing anything tangible the price volatility is massive, with a interesting macro backdrop things could really surprise to the downside, but on the other hand if CB's step in with support the old mantra of "don't fight the fed" may come back in.
Expecting BTC to continue its push down range against the AUD off the back of interest rate hike news expected out of australia in the coming minutes. Expecting price to reach indicated TP-1 level and may even continue to push down further.
Monday 9th May 2022
The ascending channel is still in play
In this current bear, this is the second time it has tapped the bottom of this channel, so it could be getting ready to spring board up
But with all the uncertainty around at the moment, there could be some more downside, with wicks down to the next lower fib curve at $42,328.
So long as closes are...
24th May at 2am, BTCAUD hit a new Low Low as we saw a Morning Star appear on the 4hr followed by a series of bullish engulfing candlesticks .
25th May at 6am, as the price reached the top of its short term uptrend, it hit a major level of resistance (+28% over 28 hours) which is also the 38.2% Fibonacci line before retracing slightly (-8.79% over 16 hours) back...
My first analysis on BTC/AUD by applying Fib Retracement (tested one year of data and found 0.5 is the support line).
My opinion is that A$68,300 has strong support and it may be the good buying point of the year.
I've spent the last few months on the BTCMarkets sub. Still don't know much about TA etc. Going to remain a HODL'r
Been reading people like Antranik, Merlin and a bunch of others and decided to play with Trading view for fun.
Some beautiful trends emerging on the 4hr chart.
We are following the 4th down to our re-entry point where we will open a long, riding the 5th up to our target of circa 70k.
Zooming in, we are entering the last wave of our retrace back to this entry point.
Steady hands and waiting for validations.