If you wanna look at my charts from maybe over a YEAR ago, I had been calling for this green WEEKLY OB to be tested, I even have multiple posts referring to a test of the 200 WEEKLY MA...
Well, its happened!
However we now see BTC break above these points and towards the key lows from our previous HTF range.
With both RSI being wildly over sold, and cypher now...
BTC loves a 705 fib retracement which is a solid level of previous support.
We currently find support at 200 daily MA so I foresee a short lived rally to the previous bullish mid-range, which is now technically a breaker.
We are at a possible turning point here but we have one final level in our way before we can retest the top of the htf channel we have been in for months.
I’m not trading this until I see confirmation of whether this bearish block holds or not. This will be a good short term indicator for where Bitcoin will be going over the course of the next few weeks!
I’m seeing this pattern time and time again. It doesn’t guarantee it’ll play out but here’s what it looks like:
- sharp drop into support
- define range below sharp drop
- break out of range towards OB from drop
- break back into range and then...
Again, not guaranteed but one to watch. Expecting a slow burn up before the dump commences. Entering short at...
Honestly BAT is the only altcoin I would consider holding for a looooong time, and this chart proves that to me. We have a defined range, a deviation from the range with a quick break back in....just waiting for a retest of the bottom of range and I’m loading up.
Just a punt but I am quite suspicious of this $6.8k level. In previous years this has been crazy significant level and I am not surprised (in hindsight admittedly) that we bounced off it well.
I am liking the reaction to this pivot that has formed but reckon we could see a dip to take out stops from our recent $6.8k bounce and then head up towards the downtrend...
Just looking at the previous bear market, it looks like we could be forming some smaller version on the weekly.
While I will turn bullish if we can get over 11k, I remain bearish with a potential scenario looking like this. Also note we fell through the 21 weekly MA and then went to retest it as resistance...ooooooooooh dear!!!!!
Don’t get me wrong, we may not...