Just sharing my personal perspective.
Will publish another idea once price reaches yellow line.
How it reacts there will prove to be an interesting one.
Will publish another idea once price reaches yellow line.
How it reacts there will prove to be an interesting one.
Comment:
I forgot to mention the white support line at 26,907.49 (now alr broken) which provided a level of confluence along with the blue/teal weekly trendline, which is why the price got rejected like that.
Now that broken support has become resistance since the price closed below it on the daily, and now it rejects the price from moving up again.
Now that broken support has become resistance since the price closed below it on the daily, and now it rejects the price from moving up again.
Comment:
The daily closed below 26,907.49 again with a clear rejection (bearish pin bar).
So it is now safe to assume that BTC will go up only if it can clear this particular level with a good candle, momentum, and volume.
Also, if BTC closes this week below 27,900, expect more to the downside next week.
So it is now safe to assume that BTC will go up only if it can clear this particular level with a good candle, momentum, and volume.
Also, if BTC closes this week below 27,900, expect more to the downside next week.
Trade closed: target reached:
NOT A FINANCIAL ADVICE
DO YOUR OWN RESEARCH
YOUR MONEY IS YOUR OWN RESPONSIBILITY
DO YOUR OWN RESEARCH
YOUR MONEY IS YOUR OWN RESPONSIBILITY
So, it won't go lower again, right?
I don't think so, the weekly shows that it still needs to go down if it is to make a significant move up, and tbh the reaction it gets when it reached this weekly trendline is so weak.
A small move up to retest the low of the blue channel is still possible though, but in the bigger picture, the probability of going much lower is still high, not to mention those gaps down there.