Happy Thursday Traders & Investors
Let's look at a couple of likely scenarios for Bitcoin and the key levels to keep an eye on:
Option A:
Bitcoin lays right on the riffled support line of the current downtrend, and could bounce to test the area around 28.500$ where the downtrend resistance lays in confluence with some major Fib. Levels of different retracements from the highs and lows of the overall uptrend.
A brake above that key resistance area would likely take #BTC to retest the uptrend support and bring new highs in the range between 34-35.000$
On the other hand, a rejection in the 28.5k area would take #Bitcoin back down to a crytical level where Bulls will want to see Bitcoin forming a higher low on the overall uptrend, ideally above the dotted trendline which is also supported by some important Fib. levels and the riffled support line of the current downtrend at around 25.000$
Option B:
If the bears take control and brake below the current riffled downtrend support line, we could see Bitcoin dropping straight down to about 23.800$ and the previously mentioned uptrend support in confluence with crytical Fib. Levels where Bitcoin will need to find a bounce in order to avoid a drop all the way down to the range of 22-21.500$
I would like to add that this is only for educational purpose and in no way a guarantee that it will play out this way, nor is this or are any of my posts financial advise.
As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys!
Happy Trading ✌🧡📈
Let's look at a couple of likely scenarios for Bitcoin and the key levels to keep an eye on:
Option A:
Bitcoin lays right on the riffled support line of the current downtrend, and could bounce to test the area around 28.500$ where the downtrend resistance lays in confluence with some major Fib. Levels of different retracements from the highs and lows of the overall uptrend.
A brake above that key resistance area would likely take #BTC to retest the uptrend support and bring new highs in the range between 34-35.000$
On the other hand, a rejection in the 28.5k area would take #Bitcoin back down to a crytical level where Bulls will want to see Bitcoin forming a higher low on the overall uptrend, ideally above the dotted trendline which is also supported by some important Fib. levels and the riffled support line of the current downtrend at around 25.000$
Option B:
If the bears take control and brake below the current riffled downtrend support line, we could see Bitcoin dropping straight down to about 23.800$ and the previously mentioned uptrend support in confluence with crytical Fib. Levels where Bitcoin will need to find a bounce in order to avoid a drop all the way down to the range of 22-21.500$
I would like to add that this is only for educational purpose and in no way a guarantee that it will play out this way, nor is this or are any of my posts financial advise.
As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys!
Happy Trading ✌🧡📈
Trade closed: target reached:
After the rejection at our projected range around 28.500, Bitcoin dropped to our price target in the 25.000$ range.
We have strong support here from major Fib. Levels of the overall uptrend.
The Daily Storchastic Momentum is nearing the oversold territory which could indicate a short term bounce after a little bit more downside towards around 25.000$. (see below)
The Daily RSI strengthens the idea, also suggesting some more room to the downside on the current trend.
The Pivot point for bulls to take control is around 27.670$ on a daily closing basis, which would put Bitcoin above the key resistance point of the previous range, above major Fib. levels and signalise a breakout from the downtrend:
A daily close below 25.480$ would take the price to the support level just below 24k at around 24.800$, (green) another area where Fib. Levels find strong confluence and a likely area for Bitcoin to find a bounce attempting a higher low on the larger TFs.
Thanks for stopping by and have a successful week everyone!
We have strong support here from major Fib. Levels of the overall uptrend.
The Daily Storchastic Momentum is nearing the oversold territory which could indicate a short term bounce after a little bit more downside towards around 25.000$. (see below)
The Daily RSI strengthens the idea, also suggesting some more room to the downside on the current trend.
The Pivot point for bulls to take control is around 27.670$ on a daily closing basis, which would put Bitcoin above the key resistance point of the previous range, above major Fib. levels and signalise a breakout from the downtrend:
A daily close below 25.480$ would take the price to the support level just below 24k at around 24.800$, (green) another area where Fib. Levels find strong confluence and a likely area for Bitcoin to find a bounce attempting a higher low on the larger TFs.
Thanks for stopping by and have a successful week everyone!
Bulls are looking for a daily close above 28.500$ which would trigger a reversal of the local downtrend and a move to our target at around $34.5k - $35k
If Bitcoin confirms a rejection here we expect a drop to our target area around 25.200$. Bears would have the clear advantage in that area and we are likely to see the lower price targets mentioned above (Option B)
Please drop a like and comment if you would like to see some shorter/ TF analysis.
I wish you all a successful start into the week!