Bitcoin holding above support. Recovery ahead???

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin has held above the top of support zone 1 for 2 closed daily candlesticks now, and it currently above for the 3rd candlestick . It is getting support from the prior support zone , 200-day moving average and also a 1.618 extension of the final upward leg of the triangle. This is a strong supoprt which, if held, could trigger a large push to the upside.

Notice that volume spiked when price came down to support. It reached nearly 6x 20-day volume average. This is suggestive of a selling climax, which could mean buyers are left to take back control in the market.

This is a very important support level . Holding above here will likely lead to a strong rally. Falling below it will probably see the market retrace to support zone 2, perhaps further. Watch how the market behaves over the next day or so.
How far downwards do you think we will go ( Do you think the 1000 - 3000 USD rumour anything to go by? ) and more importantly how fast, any ideas? ...
@GWAVE, With a longer term view, I think 1000 - 3000 is possible. Elliotticians are looking for a C wave of the correction to go below 3215 and that wouldn't surprise me. The next event I'm watching for is a break through the 0.618 retracement level at around 7260. That's a great opportunity for bulls to regain control. I'm watching for any response there first.

As for timing, there's an amazing cluster of interesting time/price windows around 3200USD in early Feb 2020. I'll publish an idea later today detailing it with a chart. The market is still very far away and these clusters don't necessarily act as price magnets. However, it the market does hit it, it could be an impeccable point of support...
+1 Reply
GWAVE Quantium_Research
@Quantium_Research, Thanks for the reply and looking forward to any further analysis. Many thanks.
@GWAVE, Pleasure, as always :)
+1 Reply
Looking like a bearish set up for sure, no real indication of any support at this level plus with a 30 billion dollar sell off and a dissapointing BAKKT launch I think we are heading straight down to lower support levels in the coming days if not hours.
Ma200 daily broke just 2 hours ago ! Totally a bearish setup !
Compeleting a lower high in monthly time frame
+4 Reply
Yas78687 Thegentelman
@Thegentelman, so many people seem to be trapped in the bitcoin currencies with buys, and have so many bull-biased charts :(
its almost comical how they draw a random upward arrow and that means cryptos are going to suddenly turn into a long-term bull-run...
+1 Reply
@Yas78687, there is no confirmation of a reversal here yet. We are watching with interest (and no positions)
+1 Reply
Captain_Walker Thegentelman
@Thegentelman, Bitcoin does not obey the rules.
+1 Reply
deanmadden286 Captain_Walker
@Captain_Walker, love it, rules are there to be broken right? ☺️
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