Things might not be as bad as they seem for bitcoin. We can see that the bullish continuation pattern has not yet been invalidated by last weeks crash, but here we are again at the start of another weekend without having recovered, this is highly due to the aftershock for highly leveraged traders still shaken after possible losses and liquidations. so what does this mean for BTC and what are the possible scenarios we could see playing out.
1.
Even though we have seen multiple support breaks, BTC seems to be building a floor at around 47500 price range, more than 3 test already around this level with a 4th in progress. Should bulls continue to hold this level, we might see a push back into the symmetrical triangle and a break to the upside to continue the bullish long term trend.
2.
Weekly looking a little bit different, but with 3 days to go before close, bulls NEED to keep price close above 48800 (0.5 FIB level), in order to reject the possible bearish trend confirmation, so far, there isn't really too much concern, since we still have time and also as seen in the past, we have lots support shown around the 50 Weekly moving average.
3.
Looking a bit more bearish here, no real signs of reversal at the moment, even with RSI sitting at the 30 range, there is still space for some downward movement.
4.
What is TA without some Wyckoff! so here it is, showing some possible short term upside movement. This does however show range bound scenario with a break to the upside eventually, which seems very likely to play out, but time is the real factor here since its generalized charting patterns and highly speculative!
1.
Even though we have seen multiple support breaks, BTC seems to be building a floor at around 47500 price range, more than 3 test already around this level with a 4th in progress. Should bulls continue to hold this level, we might see a push back into the symmetrical triangle and a break to the upside to continue the bullish long term trend.
2.
Weekly looking a little bit different, but with 3 days to go before close, bulls NEED to keep price close above 48800 (0.5 FIB level), in order to reject the possible bearish trend confirmation, so far, there isn't really too much concern, since we still have time and also as seen in the past, we have lots support shown around the 50 Weekly moving average.
3.
Looking a bit more bearish here, no real signs of reversal at the moment, even with RSI sitting at the 30 range, there is still space for some downward movement.
4.
What is TA without some Wyckoff! so here it is, showing some possible short term upside movement. This does however show range bound scenario with a break to the upside eventually, which seems very likely to play out, but time is the real factor here since its generalized charting patterns and highly speculative!