like clockwork 100% Fibline & 100MA acting as support/resistance
On the current 4hr candle BTC is "keepin' it 100" with the 100% grape colored fib retracement serving as support, and the 100 Simple Moving average acting as resistance. As I anticipated in my last idea, I thought it would test the 100SMA a few times as resistance before eventually flipping it over to support. Once we are above the 100 SMA it can usually become a very stable support line, especially once the 50SMA comes up above it to join us, that is one type of "golden cross" that signals more upside. As you can see we haven't hit the recent bull flag projected target yet of the top blue fib line, so that gives me added confidence that the 100sma will soon flip to support...we also have still not made it to the descending purple wedfge's projected target price but are getting very close. I think the momentum will remain to the upside at least until we get that far but likely even after that with all these other bullish signals developing along the way. It's best to keep your eyes open for any negative g20 news or any negative regulation or scandal news involving crypto in the mean time because one easy way to spot a trend reversal is when suddenly all the crypto news article headlines switch back from positive to extremely negative.
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the 4 hr candle finally made it above the 100SMA but was eventually thrown back downwards with such a big bounce that it took it down to the t line for support...now the new 4hr candle has been acting mostly bearish as we are stil somewhat consolidating...I anticipate the candle after this to be a bullish one so this ebarish one constitues a good opportunity to ladder in a little more to your position if possible. Nothing extreme. Just fractional amounts...if possible try to buy just above the tline because it is acting for now as current support.
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if it tries to dip more the a couple pips under the t line it may be time to do a very temporary short.
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I would probably only short if it dips below 8750
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remember we are now in a buyers market so going short is kind of risky...if anything its best to hold and ladder in at dips.