BTC still looking bearish, ready to break 26k zone?
BTC 1h chart update
We had a rising wedge, marked with orage S/R lines - there price was making higher-highs and higher-lows sequence, which was looking pretty bullish at that moment. Specially after what really looked like a potential bottom, as I wrote in previous update. We also saw that time lower line of wedge being tested, before price broke below as "forecasted".
At number 1., Price action (PA), turned and supply zone was created. From that point we failed to push for another higher-high, as the second attempt just took liquidity there, resulting in a fast impulse down. We hit previous pivot low, where demand zone turned PA again, to test the channel, tapping back into zone 1. At this point it became a resistance which could not be broken, failing to set a new higher-high, while the confluence of 200 EMA resistance quickly resulted in sell off.
All this was of course mostly influenced on how NDQ and SP500 moved, but the charts tell the same story.
Now coming back to test zone no. 2 and looking to update lower-low. It's a third time tapping this zone, while markets around are pretty bearish, so there's a high probability it will be broken and we will be on the way to zone 3.
This one is currently lowest local demand zone, with low pivot point of $26,7k.
If we go past it, then targets are 24k and 20k - going below it doesn't really seem feasible to me in next two months, but I also didn't expect to drop below 30k - so who am I to say? 🥲
But we want to consider all possible scenarios and trade the most probable one. Right now it looks short.
Last but not least - if we go to zone 3, without breaking through - finding support, there's a good chance we will trade in this channel of consolidation between zone 3 and zone around $32k.
We had a rising wedge, marked with orage S/R lines - there price was making higher-highs and higher-lows sequence, which was looking pretty bullish at that moment. Specially after what really looked like a potential bottom, as I wrote in previous update. We also saw that time lower line of wedge being tested, before price broke below as "forecasted".
At number 1., Price action (PA), turned and supply zone was created. From that point we failed to push for another higher-high, as the second attempt just took liquidity there, resulting in a fast impulse down. We hit previous pivot low, where demand zone turned PA again, to test the channel, tapping back into zone 1. At this point it became a resistance which could not be broken, failing to set a new higher-high, while the confluence of 200 EMA resistance quickly resulted in sell off.
All this was of course mostly influenced on how NDQ and SP500 moved, but the charts tell the same story.
Now coming back to test zone no. 2 and looking to update lower-low. It's a third time tapping this zone, while markets around are pretty bearish, so there's a high probability it will be broken and we will be on the way to zone 3.
This one is currently lowest local demand zone, with low pivot point of $26,7k.
If we go past it, then targets are 24k and 20k - going below it doesn't really seem feasible to me in next two months, but I also didn't expect to drop below 30k - so who am I to say? 🥲
But we want to consider all possible scenarios and trade the most probable one. Right now it looks short.
Last but not least - if we go to zone 3, without breaking through - finding support, there's a good chance we will trade in this channel of consolidation between zone 3 and zone around $32k.
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