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Price above 200 MA/6 Hrs for first time since Nov
50 MA / 200 MA Crossover will be outright bullish
200 MA holding as Resistance since July
165-172 may attract lot of short sellers
165-172 Breakout will attract mad rush of buyers
100-115 Strong Support
Assuming Bitcoin dips towards 3000 Area, a bounce to 23.6% Pullback will deliver 131% Returns at a Risk:Reward Ratio of 1:3 & a bounce to 38.2% Fib Area will deliver 207% potential returns at a Risk:Reward of 1:5, assuming the price finds a floor around 2976 with 1800 Area as a Stop Loss
At Each Fibo Area, the Price reacted in past and tested atleast the Previous 1 or in some cases 2 Levels. Also 88.6% is more or less the last Major Fib. If this support Holds, An Attempt to 78.6% Fib can be made
22 EMA acted as a support in July & Sep that reuslted in upside breakout & New High. We have identical setup currently. 22 EMA is a resistance. It took 3 weeks in July 17 & 4 weeks in Sept, 17 for upside breakout. We are are in first week of this setup now. We should ideally break lower in next 2-3 weeks if this fractal works. Break above 22 EMA invalidates this ...