Hope everyone is doing okay regarding this recent retrace. With that being said, I think this is just that: a retrace. What you see on this graph is the hourly support levels (orange), 4 hour support levels (green), and daily support levels (white). For those who are wishing this will take us back down to 6k and lower, I have bad news for you. This will bounce. Hedgefunds and institutional investors are buying into crypto like there's no tomorrow. One of the more overlooked events was Gemini's addition of OTC block trading. Bitcoin can be easily bought in larger quantities now without affecting the market price, something that shouldnt be overlooked. We additionally have record futures volume occurring on the CBOE and CME futures markets. The future is bright for those who can see it and remain patient.
For the next several days, anyone who can tell you 100% where the market is going is a crock. TA is a tool for prediction, not for fortune telling. That being said, BTC will more than likely push lower from here on out. I am eyeing the three green rectangles as potential demand zones for BTC to bounce out of. The first has already been tested heavily and I do not expect it to hold. The third is more than likely where we will fall as it is the measured target of the triangle we fell out of.
Stay safe, and stick to your trading plans! I wish you the best of luck and hope this helps with your analysis.
For the next several days, anyone who can tell you 100% where the market is going is a crock. TA is a tool for prediction, not for fortune telling. That being said, BTC will more than likely push lower from here on out. I am eyeing the three green rectangles as potential demand zones for BTC to bounce out of. The first has already been tested heavily and I do not expect it to hold. The third is more than likely where we will fall as it is the measured target of the triangle we fell out of.
Stay safe, and stick to your trading plans! I wish you the best of luck and hope this helps with your analysis.