#BTC Update
Technical update
Taking a step back and looking at the daily chart we can see that the ascending channel is being respected. Not only that but the 0.78 Fib has been acting as a strong support level.
The $39k area is a confluenced support that is comprised of:
- Point of control
- Bottom of the channel
- 0.78 Fib
Three technical supports that have held strong.
If we look closely at this chart we can see that the ichimoku cloud is thin and was prone to being pierced either way.
The Bottom of the channel has been tested 6 times while the top has been tested 5 times, now this is not extremely pertinent because in an ascending channel the bottom has a head start. In any case one of these channel limits will break.
Bull Scenario:
The market WANTS to go UP! Yess it does, believe it or not , retails and institutionals both want it up right now, and that is at least to the top of the channel. However we will see resistance at fib 0.618 ($41500) and fib 0.5 which is confluencial with ichimoku resistance.
Bear Scenario:
If we do not manage to hold the point of control, we will be heading for $35k and the next possible supports that are noted on the chart.
Trading at the extremities of a channel has it s risks and perks, the risk being that the return to the channel is fake and continuation may occur and the perk being the good RR ratio.
Taking a step back and looking at the daily chart we can see that the ascending channel is being respected. Not only that but the 0.78 Fib has been acting as a strong support level.
The $39k area is a confluenced support that is comprised of:
- Point of control
- Bottom of the channel
- 0.78 Fib
Three technical supports that have held strong.
If we look closely at this chart we can see that the ichimoku cloud is thin and was prone to being pierced either way.
The Bottom of the channel has been tested 6 times while the top has been tested 5 times, now this is not extremely pertinent because in an ascending channel the bottom has a head start. In any case one of these channel limits will break.
Bull Scenario:
The market WANTS to go UP! Yess it does, believe it or not , retails and institutionals both want it up right now, and that is at least to the top of the channel. However we will see resistance at fib 0.618 ($41500) and fib 0.5 which is confluencial with ichimoku resistance.
Bear Scenario:
If we do not manage to hold the point of control, we will be heading for $35k and the next possible supports that are noted on the chart.
Trading at the extremities of a channel has it s risks and perks, the risk being that the return to the channel is fake and continuation may occur and the perk being the good RR ratio.
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