Bitcoin technical analysis focusing on FIB RETRACEMENT during this wedge.
Bitcoin price is currently 6,573
1. Indicators showing overbought levels on the 4hour and under. The daily has indicator confluence and indicating a bullish reversal thru candlestick pattern and resistance breakouts.
2. Key resistance levels that must be broken, 6,620 and 7,160 for full bullish reversal from this short down-wave.
3. If the downward wedge continues to follow the last 2 dips, we will see a bullish retracement to the .618 level which reads around 7,500 level before a new wave downward (most likely until the next ETF rejection)
4. Although not shown here, if you follow the (13, 55, 125 EMA) we broke thru the first resistance of the 55 EMA on the 4hour chart.
5. 6,450 level has become the most recent support level, if broken, look for the 6,250 support level to hold this bullish wave over the last 24 hours.
Although indicators are very over-bought, this is the first 24 hours with money being put back into the market, I do not follow my indicators as much during a day like this and more so focus on price action/support&resistance. Structure shows more than indicators!
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
COMPLETED 9:37AM (UTC-7) LOS ANGELES
Bitcoin price is currently 6,573
1. Indicators showing overbought levels on the 4hour and under. The daily has indicator confluence and indicating a bullish reversal thru candlestick pattern and resistance breakouts.
2. Key resistance levels that must be broken, 6,620 and 7,160 for full bullish reversal from this short down-wave.
3. If the downward wedge continues to follow the last 2 dips, we will see a bullish retracement to the .618 level which reads around 7,500 level before a new wave downward (most likely until the next ETF rejection)
4. Although not shown here, if you follow the (13, 55, 125 EMA) we broke thru the first resistance of the 55 EMA on the 4hour chart.
5. 6,450 level has become the most recent support level, if broken, look for the 6,250 support level to hold this bullish wave over the last 24 hours.
Although indicators are very over-bought, this is the first 24 hours with money being put back into the market, I do not follow my indicators as much during a day like this and more so focus on price action/support&resistance. Structure shows more than indicators!
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
COMPLETED 9:37AM (UTC-7) LOS ANGELES