BitcoinUpdated BTC in a very dangerous zone
I revised my pitchfork to show more accurate support & resistance levels. Right now BTC is trying hard to hold the lower pitchfork near 46660 w/c also coincides with Fibonacci 0.786 retracement & ma200 areas.
Every rally seems to be rejected by 52k & the bears push it down. Failure to hold 46k may see a waterfall drop to 42-40k zone where we will get a bounce.
However, I still believe that it will be a bear trap just like 2 times in the past when BTC fell to 10k & also 28k.
If BTC gets out of current 46k to 52k consolidation range, it will still be rejected down at the 56k to 57k take-profit zone.
Every rally seems to be rejected by 52k & the bears push it down. Failure to hold 46k may see a waterfall drop to 42-40k zone where we will get a bounce.
However, I still believe that it will be a bear trap just like 2 times in the past when BTC fell to 10k & also 28k.
If BTC gets out of current 46k to 52k consolidation range, it will still be rejected down at the 56k to 57k take-profit zone.
Note
Money Flow Index started getting bigger red. Money flowing out despite the recent bullish divergence in Market Cipher Wave recently signaling a buy.(green dots & the black divergence line). The situation is neutral to bearish as the cipher waves seems to fall again below the zero line.
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.
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.