Hi traders!
After yesterday's relief rally we need to see if BTC can continue the upward momentum. As expected, BTC has been rejected by the pitchfork median line at 39600. Price needs to grab liquidity from lower levels to continue higher.
Where do we go from here?
If the upward momentum continues, we can expect the 1.268 fib target at 42300.
How to get there?
I have determined two entry points where we can possibly expect a bounce (green boxes in the chart).
The two levels show confluence of fibs, lower-timeframe moving averages (I use the 21, 50 and 200 EMAs), and support. Additionally I take the PoC (point of control) from the volume profile of the previous sessions. In my observation the PoCs have provided excellent supports recently.
And if not?
At this point we do not know if the current relief rally is the beginning of a new uptrend. An inverted H&S would indicate so. If both areas fail, I expect further downside to 27k, the .618 fib on the weekly. In that case we should see if this becomes the ST in a Wyckoff re-accumulation pattern.
Happy trading.
After yesterday's relief rally we need to see if BTC can continue the upward momentum. As expected, BTC has been rejected by the pitchfork median line at 39600. Price needs to grab liquidity from lower levels to continue higher.
Where do we go from here?
If the upward momentum continues, we can expect the 1.268 fib target at 42300.
How to get there?
I have determined two entry points where we can possibly expect a bounce (green boxes in the chart).
The two levels show confluence of fibs, lower-timeframe moving averages (I use the 21, 50 and 200 EMAs), and support. Additionally I take the PoC (point of control) from the volume profile of the previous sessions. In my observation the PoCs have provided excellent supports recently.
And if not?
At this point we do not know if the current relief rally is the beginning of a new uptrend. An inverted H&S would indicate so. If both areas fail, I expect further downside to 27k, the .618 fib on the weekly. In that case we should see if this becomes the ST in a Wyckoff re-accumulation pattern.
Happy trading.
Note
The first entry level worked perfectly, but we cannot see real follow-up momentum. I am thinking to short it from here and re-enter at the second entry level, and TP from the short at the 50% fib just in case it reverses earlier.Trade closed: target reached
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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.
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.