WHEN IN DOUBT, ZOOM OUT!! BTC
WOW! What great time to be alive! nothing special, I just like to say that every day and have a great mindset :D
BTC is doing its thing and its my mission to be ahead of the game! I will share with you my thoughts about what BTC is doing. All the content in this idea is NOT FINANCIAL ADVICE and its meant to be for your entertainment purpose only.
WEEKLY
Looking at the weekly chart, BTC had a nice run after finding the bottom at 29k 7 weeks ago. Price went up to 50k area and as you would imagine, people liked that area to take profits (why didn't y'all wait to reach 100k instead?)
Now that we know that 50k area is our latest top, we have to ask ourselves, where is price heading to next? what is the path with least resistance for BTC? By looking at the chart without going in too deep my first reaction was "Oh! 13 and 21EMA".
To support that idea I did the following:
* Identify support/resistance area
* Use Fibonacci tool on last impulse move
After finding the S/R area and drawing the FIBS I noticed how well 42k area makes confluence with 13 and 21EMA, S/R level, FIB .382.
With the weekly laid out, now I take a look at the Daily.
DAILY
Daily Looks just Awesome! Although a retracement tp 42k area would look scary as it represents a -10% drop from where price is at at the moment of me writing this idea.
Last stop will be 4H timeframe
4H
4H looks like it found support at 46k for now. In the meantime BTC is struggling to make a higher high in the 4H timeframe. We just have to see and wait.
Thank you for taking the time to check out my stuff!
Love you all,
Cryptozide
BTC is doing its thing and its my mission to be ahead of the game! I will share with you my thoughts about what BTC is doing. All the content in this idea is NOT FINANCIAL ADVICE and its meant to be for your entertainment purpose only.
WEEKLY
Looking at the weekly chart, BTC had a nice run after finding the bottom at 29k 7 weeks ago. Price went up to 50k area and as you would imagine, people liked that area to take profits (why didn't y'all wait to reach 100k instead?)
Now that we know that 50k area is our latest top, we have to ask ourselves, where is price heading to next? what is the path with least resistance for BTC? By looking at the chart without going in too deep my first reaction was "Oh! 13 and 21EMA".
To support that idea I did the following:
* Identify support/resistance area
* Use Fibonacci tool on last impulse move
After finding the S/R area and drawing the FIBS I noticed how well 42k area makes confluence with 13 and 21EMA, S/R level, FIB .382.
With the weekly laid out, now I take a look at the Daily.
DAILY
Daily Looks just Awesome! Although a retracement tp 42k area would look scary as it represents a -10% drop from where price is at at the moment of me writing this idea.
Last stop will be 4H timeframe
4H
4H looks like it found support at 46k for now. In the meantime BTC is struggling to make a higher high in the 4H timeframe. We just have to see and wait.
Thank you for taking the time to check out my stuff!
Love you all,
Cryptozide
Trade active:
42k Area Touchdown! on 9/7/21
Comment:
This chart is playing out beautifully!!