Looking back to prior bull runs, we see that the 21 Weekly EMA has been tested a handful of times to confirm support. During this current bull run, it hasn't been tested yet. Testing the 21 Weekly EMA is pretty common to see in traditional markets as well. I wouldn't be surprised to see a pull back to high $8k's to lower $9k's to confirm support. Current price...
If we can't break and stay above $11,500, I would start looking for support and possible longs around $10,600.
If we break and stay above $11,500, I would look for longs and target $12,071 as first resistance.
It's chop-city right now so play safe
With current PA on BTC, we have a bullish idea as well as a bearish one. My bullish one found here:
We could be playing out a descending triangle which (usually) breaks to the downside as we saw from $6k to $3k.
I forgot to clear a previous order on BitMEX, so I’m in a long on ETHU19. Gonna let it ride because I don’t think it’s a bad entry overall. As BTC relaxes, I think alts will begin to pump. Let’s see how this goes
Thinking as BTC hangs around $9.1k, alts will begin to pump. I believe ETH will be one of the high-caps that pumps to push ETHUSD to $300+.
Short-term Target: 0.03160
Long-term Target: 0.03555
Just my thoughts, not yours, do as you please. Not financial advice.
If you follow CME BTC Futures, it is common that any gaps between futures close/open are filled by either a pump or a dump. According to the latest futures gap, we may see 7200-7400 at some point in the near future (pun intended).
This is my idea, not yours, don’t do as I do. Not Financial Advice.
I see BTC breaking 6400 tonight. High probability to test 6300 tomorrow. If 6300 holds, we will stay in the trend and bounce to retest 6600. If 6300 breaks, we will test 6100 followed by 5750. As of now, I have no open positions until we receive a bearish/bullish confirmation. I'd recommend you to do the same. Good luck, set tight SL's.