Hi Traders,
An update on BTC. Recently we've seen a nice push up from BTC and the ALTs from the respected pullback which ended on the 28th FEB. The move up has seen some weakneding with sell side building up. There has been a double topo formed however as it stands right now its not a strong double top. Therefore we may see a pull back to the first support level at the 0.382 FIB. If the small retracement continues we can expect this to fall true as the 100MA is also found at the 0.382 FIB. On the other hand, the grey zone which can be found at the very top is the area for rejection or if we can break this zone with buy volume it'll be a positive sign that prices want to push higher but like stated we will need to watch price action in the zone and or if it breaks with a weak push this could be a sign that a much bigger move down could play out.
Thanks
The Market Sniper Team
An update on BTC. Recently we've seen a nice push up from BTC and the ALTs from the respected pullback which ended on the 28th FEB. The move up has seen some weakneding with sell side building up. There has been a double topo formed however as it stands right now its not a strong double top. Therefore we may see a pull back to the first support level at the 0.382 FIB. If the small retracement continues we can expect this to fall true as the 100MA is also found at the 0.382 FIB. On the other hand, the grey zone which can be found at the very top is the area for rejection or if we can break this zone with buy volume it'll be a positive sign that prices want to push higher but like stated we will need to watch price action in the zone and or if it breaks with a weak push this could be a sign that a much bigger move down could play out.
Thanks
The Market Sniper Team
