Critical price level here. Lot's of confluence here making current level highly resistive; but there are indications of more downside before consolidation/further upside (if we don't break our overall uptrend. If this breaks, likely stops are 21k & 14k imo.
Elliot wave impulse extension levels shown in red.
Stronger trend line support levels shown in yellow.
Other still strong, but less historically significant support levels shown in purple. Possible buy at each... But safer to wait for confirmation. As we snap these green circled levels, look for support at the next one down.
Bullish indications:
Daily MACD appears ready to bull-cross soon (need to see that confirmation cross before entry!)
Sitting on YTD volume profile POC here. Shown in white.
Capitulation velocity slowed here while testing 2013/2018 peak trend line in yellow. Confluence with YTD POC.
BEAUTIFUL wick bounce perfectly at 2.618 extension of wave 1 from peak weekly close @~29.8k.
Bearish indications:
Still well below 200D EMA. Sliced thru it like it didn't exist after a dead-cat bounce.
Weekly MACD seems to be just getting started downwards after death-cross
Rejection at longterm fib @~39k yesterday
Volume has been low since we broke 10k.
Notes:
~12.2k appears to be strong historical support but there are many levels to break between. Confluence here with 3.236 extension of impulse wave 1 on weekly.
Fib retracement nailed 3.618 fib extension at weekly candle close @60k.
Who knows where it will stop, but keep an eye on each purple, red, or yellow line on the way down. One will hold... Can buy with stop loss just below each one, or just play it safe and sideline until MACD cross confirms. Lot's of upside after we bottom assuming higher-lows trend continues.
Lot's more going on here...
Elliot wave impulse extension levels shown in red.
Stronger trend line support levels shown in yellow.
Other still strong, but less historically significant support levels shown in purple. Possible buy at each... But safer to wait for confirmation. As we snap these green circled levels, look for support at the next one down.
Bullish indications:
Daily MACD appears ready to bull-cross soon (need to see that confirmation cross before entry!)
Sitting on YTD volume profile POC here. Shown in white.
Capitulation velocity slowed here while testing 2013/2018 peak trend line in yellow. Confluence with YTD POC.
BEAUTIFUL wick bounce perfectly at 2.618 extension of wave 1 from peak weekly close @~29.8k.
Bearish indications:
Still well below 200D EMA. Sliced thru it like it didn't exist after a dead-cat bounce.
Weekly MACD seems to be just getting started downwards after death-cross
Rejection at longterm fib @~39k yesterday
Volume has been low since we broke 10k.
Notes:
~12.2k appears to be strong historical support but there are many levels to break between. Confluence here with 3.236 extension of impulse wave 1 on weekly.
Fib retracement nailed 3.618 fib extension at weekly candle close @60k.
Who knows where it will stop, but keep an eye on each purple, red, or yellow line on the way down. One will hold... Can buy with stop loss just below each one, or just play it safe and sideline until MACD cross confirms. Lot's of upside after we bottom assuming higher-lows trend continues.
Lot's more going on here...
Comment:
Another super long term trend line acting as support here. Not too many more support stops to hit if this one breaks, likely getting close to this bottom.