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$BTCUSD 2D outlook - my preferred scenario
* Test 1H MA 200 at 17.8k and fail
* Retest support at 16.1k
* If we break this support, next target 13.8k/13.5k
Let's first look at 1H Chart...
#bitcoin
$BTCUSD 2D outlook - my preferred scenario
* Test 1H MA 200 at 17.8k and fail
* Retest support at 16.1k
* If we break this support, next target 13.8k/13.5k
Let's first look at 1H Chart...
#bitcoin
* First drop initiated after breaking MA 200 (red)
* Now consolidating under EMA 377
* Not looking healthy, slopes are down,
* This is indicating further downside, but retest of MA 200 first very likely.
Next, lets look at the BBs....
* Now consolidating under EMA 377
* Not looking healthy, slopes are down,
* This is indicating further downside, but retest of MA 200 first very likely.
Next, lets look at the BBs....
* We found support at mid band basis
* Loosing this, lower band test very likely, currently at 14.8k
* violent moves often extend lower band support
Why is 13.5k range a possibly target, let's talk through confluences...
* Loosing this, lower band test very likely, currently at 14.8k
* violent moves often extend lower band support
Why is 13.5k range a possibly target, let's talk through confluences...
* In history, it is very common, that pullbacks hit the weeky EMA 21, currently at 12.8k, but rising fast
* 13.5k is also the 0.618 fib of prior move, pullbacks often retrace to this point. Look at one of @Stillman___ latest tweets.
* 13.8k also strong weekly support zone
* 13.5k is also the 0.618 fib of prior move, pullbacks often retrace to this point. Look at one of @Stillman___ latest tweets.
* 13.8k also strong weekly support zone
* Also MVRV is looking very similar to Jan 2017
* Price action retraced at that time >30%, which would us take today to 13.5 zone
* But, to initiate these targets, we have to break 16150 first.
What's the plan now...
* Price action retraced at that time >30%, which would us take today to 13.5 zone
* But, to initiate these targets, we have to break 16150 first.
What's the plan now...
If we test 1H 200 again, it is a good point to reduce spot exposure. Then take it level by level.
If we break 16150, my buy orders will be in the 13.8k/13.5k area.
We are in a starting bull market. Dips are for buying.
If we break 16150, my buy orders will be in the 13.8k/13.5k area.
We are in a starting bull market. Dips are for buying.
