BTC currently playing between important fib retracement levels. Things to note here.. the volume of the spike low yesterday morning is greater than or equal to the volume of prior major high/lows in the past year. This tells us that institutions have likely stepped in to be the buyers and set a new floor for BTC. With futures barely trading right now, I would expect that this now sets up a floor for professional trades to trade futures against.
A couple area of interest.. If BTC fails below the 12.8k area then the next area of significant support I see is around 8k. Now here's a huge point I'm watching right now as we consolidate the current 14 to 15k range.. If we try to rally up to the 18k area again it is BEYOND important that BTC gets over the 18k hump with a strong 4hour close on good volume. If BTC is stonewalled around 18k and comes back down to the area its currently trading in then this chart begins to look a lot like a head and shoulders which would give us a measured move to around the 8k area which matches up with significant support from prior runs.
So this is what I'm paying attention to here.. this is currently a no trade zone for me. Not financial advice, just sharing my perspective here.
A couple area of interest.. If BTC fails below the 12.8k area then the next area of significant support I see is around 8k. Now here's a huge point I'm watching right now as we consolidate the current 14 to 15k range.. If we try to rally up to the 18k area again it is BEYOND important that BTC gets over the 18k hump with a strong 4hour close on good volume. If BTC is stonewalled around 18k and comes back down to the area its currently trading in then this chart begins to look a lot like a head and shoulders which would give us a measured move to around the 8k area which matches up with significant support from prior runs.
So this is what I'm paying attention to here.. this is currently a no trade zone for me. Not financial advice, just sharing my perspective here.