My last thoughts on BTC were wrong after 9550 failed to act as support. Caught me out and i got burned. What now?
I think we are bottoming around here but could very well see a bounce to low 9050 area before a quick drop to SF the low from Jan 24th as indicated with the arrow.
That area is in confluence with a monthly and also a weekly level which should do the trick of supporting price from any further downside.
So, i'm looking for a big bounce between the area 8150-8250 IF we get back down there. Upside? We need to bust through weekly resistance at around 9050 and turn to support before considering up.
Halving narrative is on our side, trend line from 18th Dec and 2nd Jan lows holding up well, 200 Daily SMA providing support for now also.
Interesting times.
Quietly bullish.
I think we are bottoming around here but could very well see a bounce to low 9050 area before a quick drop to SF the low from Jan 24th as indicated with the arrow.
That area is in confluence with a monthly and also a weekly level which should do the trick of supporting price from any further downside.
So, i'm looking for a big bounce between the area 8150-8250 IF we get back down there. Upside? We need to bust through weekly resistance at around 9050 and turn to support before considering up.
Halving narrative is on our side, trend line from 18th Dec and 2nd Jan lows holding up well, 200 Daily SMA providing support for now also.
Interesting times.
Quietly bullish.
Comment:
Touched my first box but will we continue down for the swing failure pattern around the 8200 area or continue higher from here?
Comment:
Pulled back to trendline after hitting my target and now continues higher. Maybe we touch the weekly resistance at 9225 before a pullback? I expect BTC to range for a month or so in this region, 8150 - 9250. Happy if it ploughs through and makes 9550 support though!
Comment:
Eventually hit my target. What now? Bounce likely but imo i think we head lower especially with the trad markets and coranavirus BS.
Trade closed: target reached:
Closing the trade here. Let's pray for a reversal.