After yesterday's update, BTC bounced off the lower golden fib pocket which was in confluence with the anchored VWAP, reclaimed the channel, retested the low of the channel as support, pushed up aggressively and now broke out of that channel.
As I told you, I'm gonna walk you through the different scenarios that we can have here, as the 47k to 52k region is extremely important in my opinion.
1) Bearish : We swing failure pattern this region (push through but fail to close above it, here I would look at daily candles). Then we come back down
2) Bearish : We actually push through this region and consolidate above it (consolidation above support is bearish), getting as many people as possible bullish as they think that this is it, no more big resistance ahead. Then, we come back down below it and continue our way down.
This is my favorite scenario, as it will rekt the most people possible (what Bitcoin always does)
3) Bullish : We consolidate below this level then push through it (more likely bull scenario, as we are going into the weekend)
4) Bullish : We break through very quickly and continue moving up
For the bearish scenarios, if we reject this area, I expect a move back down to at least 40k
For the bullish scenarios, I would be looking for 53.5k then 57-59k
Any questions?
Good luck traders
Remember not to break your rules
Habib
As I told you, I'm gonna walk you through the different scenarios that we can have here, as the 47k to 52k region is extremely important in my opinion.
1) Bearish : We swing failure pattern this region (push through but fail to close above it, here I would look at daily candles). Then we come back down
2) Bearish : We actually push through this region and consolidate above it (consolidation above support is bearish), getting as many people as possible bullish as they think that this is it, no more big resistance ahead. Then, we come back down below it and continue our way down.
This is my favorite scenario, as it will rekt the most people possible (what Bitcoin always does)
3) Bullish : We consolidate below this level then push through it (more likely bull scenario, as we are going into the weekend)
4) Bullish : We break through very quickly and continue moving up
For the bearish scenarios, if we reject this area, I expect a move back down to at least 40k
For the bullish scenarios, I would be looking for 53.5k then 57-59k
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.