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We highlighted the areas most likely to have a tradable reaction with low risk and high reward. The analysis is based on the confluence between fibs and former support and resistance levels.
For now, is in a good shorting zone. It rejected the 200 daily MA and the golden zone and it also printed a bump and reversal pattern. So it either goes parabolic for another...
This is a simple TA based only on the relationship between the distance in price and time of each impulse.
The first thing you notice when you look at the monthly chart is that every bull run took longer to reach its high and the percentage increase is smaller compared to the previous ones. Also, the bear markets became longer. So, there is a clear deceleration...
BTC could find temporary support between 3280 and 3250 because of the confluence of fib levels and horizontal and diagonal support in that area. In addition to this, if BTC reaches the above mentioned buying zone, it will create a bullish divergence on the daily timeframe on SRSI, MACD and CCI.
This will be the only chart you'll need if BTC prints a lower low.
We highlighted 3 areas from which we expect to see a reaction. The last time we did this, each area gave a bounce strong enough to close the trade in profit if you would have bought in the respective area.
On the 10th of Jan BTC fell under the 21 daily MA and on the 19th it confirmed the switch...
This is our primary count for BTC at the moment but it can be easily invalidated if the pennant breaks up. The RR is very good for shorting right now because the invalidation is just above the C pivot , where you can switch from short to long. Or you can keep it simple and just trade the breakout.
On the daily TF the 50...
ABC with C as an ending diagonal or 123 (45) with the first wave of the third as a leading diagonal. Either way, we might have a god opportunity to short.
1st range: 168.5 - 169.5
2nd range: 173 - 174
Use thight SL because the hardfork could easily invalidate this.