Bitcoin update 19Nov getting closer to a critical support level
Updated
hey guys welcome for another update of bitcoin
here in top chart we see that Bitcoin prices are now getting closer to a major critical support level with no sign of any reversal
notice the white flags you'll see that prices have test this support zone 4 times in sep-oct 19
now we're getting three major levels here
first one is fib382 weekly support level around 7855, check the above chart
55 weekly EMA(blue line) which also act as perfect support level previously, check the white flags
and the green zone between 7830-7620 where we get multiple support and resistances in higher degree charts
the descending triangle formation intersecting at the exact area of conflict where we get 55wema, fib382 and the green area of support zone
now when prices will reach here it gets more difficult to predict the direction, cuz usually triangular formations can make breakout either both sides
here i want you to remind my last analysis on Bitcoin's Mandelbrot fractal, that how bitcoin makes a descending triangular formation, than dumps and than pumps again and keep creating this formation in multiple time frames, here it is... if you've not checked it yet...
so before going long we need to wait and see the prices breaking the upper white trend line of this formation
but if it fails than surely we could break the green zone and fall towards the lower level of supports
here's my custom indicator in 1h chart, completely bearish
similar in 4h, no sign of any reversal
that's all for now guys, do like and follow me and keep supporting us so we keep bringing awesome new ideas for you.
this is husain zabir signing out
thankyou;)
here in top chart we see that Bitcoin prices are now getting closer to a major critical support level with no sign of any reversal
notice the white flags you'll see that prices have test this support zone 4 times in sep-oct 19
now we're getting three major levels here
first one is fib382 weekly support level around 7855, check the above chart
55 weekly EMA(blue line) which also act as perfect support level previously, check the white flags
and the green zone between 7830-7620 where we get multiple support and resistances in higher degree charts
the descending triangle formation intersecting at the exact area of conflict where we get 55wema, fib382 and the green area of support zone
now when prices will reach here it gets more difficult to predict the direction, cuz usually triangular formations can make breakout either both sides
here i want you to remind my last analysis on Bitcoin's Mandelbrot fractal, that how bitcoin makes a descending triangular formation, than dumps and than pumps again and keep creating this formation in multiple time frames, here it is... if you've not checked it yet...
so before going long we need to wait and see the prices breaking the upper white trend line of this formation
but if it fails than surely we could break the green zone and fall towards the lower level of supports
here's my custom indicator in 1h chart, completely bearish
similar in 4h, no sign of any reversal
that's all for now guys, do like and follow me and keep supporting us so we keep bringing awesome new ideas for you.
this is husain zabir signing out
thankyou;)
Trade active
if you are long here at any point than better you hold your horses, there's clearly no sign of any reversal in major 4h and 1day charts, better we do not try to catch a falling knife
Trade active
We're now very likely close to the bottom now, be cautious with shorts.
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