Our final target of the 43k area was front run by around 1.5% which is a sign of weakness.
After having reversed at 42.6k, BTC lost the daily level at 40.5k which acted 5 times as a resistance before being broken, but didn't offer much support upon retest.
Now, we have the fib golden pocket right above the daily from 40.6 to 40.7k, if we break it we expect a move to at least 42k.
Current support is the VAL of the range that we put in from the 28th to the 30th of July, and we failed to close below it.
A break of this level will most likely give us a move to the VAH, and if lost, I expect a move to the new monthly level at 35k.
Any questions?
Good luck traders
Remember not to break your rules
Habib
After having reversed at 42.6k, BTC lost the daily level at 40.5k which acted 5 times as a resistance before being broken, but didn't offer much support upon retest.
Now, we have the fib golden pocket right above the daily from 40.6 to 40.7k, if we break it we expect a move to at least 42k.
Current support is the VAL of the range that we put in from the 28th to the 30th of July, and we failed to close below it.
A break of this level will most likely give us a move to the VAH, and if lost, I expect a move to the new monthly level at 35k.
Any questions?
Good luck traders
Remember not to break your rules
Habib
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.