$BTC Analysis
February 1st, 2022
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MARKET ANALYSIS HTF:
Price is still showing slow movements and is currently getting rejected once again from the 4h resistance. Triple Top is created at the resistance of 4H Supply zone and still respecting the pennant formation. The ideal reversal zone is the 0.61 fibonacci where we have structure and the descending trendline. The 39k level appears to fall in line with that, making it the best place for reversal. However, if we don't get enough momentum to push us to that level the 0.5 fib looks to be the other reversal area. Either way we can watch the BLUE continuation trendline for a break and enter.
If the SPX can break through resistance then a break of $39K for BTC could happen simultaneously
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February 1st, 2022
➖➖➖➖➖➖➖➖➖➖
MARKET ANALYSIS HTF:
Price is still showing slow movements and is currently getting rejected once again from the 4h resistance. Triple Top is created at the resistance of 4H Supply zone and still respecting the pennant formation. The ideal reversal zone is the 0.61 fibonacci where we have structure and the descending trendline. The 39k level appears to fall in line with that, making it the best place for reversal. However, if we don't get enough momentum to push us to that level the 0.5 fib looks to be the other reversal area. Either way we can watch the BLUE continuation trendline for a break and enter.
If the SPX can break through resistance then a break of $39K for BTC could happen simultaneously
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Comment:
TP ONE HIT
