Seems like an important week for Bitcoin (BTCUSD)

Updated

I think we are at important price...with continuous drop in BTCUSD I'm noticing a lot of bulls are becoming bearish and predicting lower prices (I think I've heard 3k$ most often). Seems like as a contrarian it would be a good time to buy, although I'm staying careful and letting chart/market tell which way...

UP SCENARIO
Bounce up on these levels (specified bellow) could take us up to 8000$ (volume peak) or further to 9400$ (0.382 fib).

old up trend-line (red)
2nd largest candle on volume profile indicator
0.236 fib
Ichimoku cloud
50 MA
old downtrend line (which got violated quickly)

DOWN SCENARIO
Failed rally could take us down to:

5400$ (200 MA),
3800$ (trading volume peaked on VP indicator)
or even 3100$ where previous bottom was, completing the whole retracement.

WAITING FOR WEEKLY CLOSE
Let's see where this weeks candle closes. At the time of writing BTCUSD seems quite strong (was expecting more selling pressure after bounce on lower time-frames), but this can quickly change (learned with my previous prediction :$).

Any takes on it? :)

Note

Another significant support line I've forgot to mention is an old trendline which was supporting price since 2015/2016 and we got a bounce around those levels after 2018 bear trend/start of 2019.

Note

A bit late but support was tested, strong bounce on 3,8k with quite some volume.
On the other side, we failed to bounce on a yellow daily MA (historically bearish) + events over the world, so I'm staying careful here.

Note

Looking back, I think corona shock drop reset all indicators and started a new bull run. HODL!

Tadej

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