Structure collapsed at the .382 of the last rally. We're still maintaining structure on the macro. There's a high probability it will bounce at this 10k zone as it collides with previous support, 2 fib zones (.786 of last rally; .382 of macro), and the macro support trend line. oscillators on hourly candles are starting to round out and show divergences with price action. Note the chart above are 4hr candles and not 1hr). My trade: Long here, stops under 9900. TP1 10500 TP2 11100 TP3 16k.
IF we break 10k, we're next likely to find support at 9k. This would begin to form a descending triangle pattern on the macro and would represent very bearish market conditions.
Cheers all and good luck trading
IF we break 10k, we're next likely to find support at 9k. This would begin to form a descending triangle pattern on the macro and would represent very bearish market conditions.
Cheers all and good luck trading
Comment:
Looks like we were just shy of TP2. looks like BTC collapsed under 11k and was not able to rally to the trendline. Looks Bearish!
Comment:
That was a close call. Structure almost collapsed as a candle closed outside the consolidation traingle. We're still riding the support trendline but we're not quite in the clear. The current issue at hand is that volume is crap (which is completely normal in later stages of consolidation). I think its still anyones games. Stay tuned!