There are a few reasons why I'm currently going long with Bitcoin. 1. It recently had a big dump that rekt a lot of longs. 2. Now you get a lot more shorters (also bottom shorters) 3. We hit 2 daily levels as well at 8420.5 & 8357 4. After killer wicks that go both ways Bitcoin usually goes back to the mean. These 4 reasons are why I think we will see at least 8.6k+
We are currently breaking down from the triangle and horizontal support lines. Depending on how this 4 Hourly closes we might see a breakdown towards new liquidity around 8.2-8.4k. What could save us is a chad candle back into the triangle and above support lines. Closing below 8603 will mean bearish for me now.
Slow and steady wins the race. If this keeps up we are going to see 9.7k soon.
Targets and areas of interest lined up. BCH is about to break through a monthly resistance. If it does and closes above it. We can expect a sharp move up.
Here you Can see a consolidation with a few possible swing trades profitably before a move occurs. Stop losses above or below the order blocks.
In my opinion we could see a retest of 8.3k (weekly level) before Bitcoin decides whether to go up or down. If we go down, I fully expect the price to go to around 7.7-7.8k. If we go upwards we could see as high as 9.6k
Ada has breached the 522 level yesterday and it could happen again really soon because of the 4Hourly support holding for now. The purple lines are the current hourly targets.
If we do I expect a run up to the weekly level at $4118. Else we can expect Bitcoin to drop towards the first daily support at $3944. Now lets see where this goes...
Possibility of wyckoff accumulation that has been finished which could cause us to rise up to 4.7k
I believe that if the candle closes we could at least see $112.
Looking at the daily we bounced off the monthly support at 0.0004537 which means we can test the previous level at 0.0007806. Green = Daily levels Red = Monthly levels.
In my opinion when it breaks above 83 satoshis it will then rally up towards 97 satoshis. A 2nd possible target would be 116 satoshis.
Komodo is currently at the monthly support, if it can hold the bullish ema cross could be good enough to help it break upwards for roughly 10% gains.
Let me know what you think!
Good time to buy right now and personally I'm eyeing the 1200 and 1300 areas to sell. Stoploss below 1000 sats.
BTC is likely to retest the 3.6k area before we see 4.3k again. If 3.6k fails to hold then we might see a drop towards the 3k area. I believe this area will cause a strong bounce back into the upper range.
MFI looking good, will DENT be able to break out of the downtrend?
This would be a great time to enter a long on ethereum. Target would be 293.5