Bad confirmations and signals Will reach 8k? 5k possible?
Updated
BTC has broken our S1 and S2 supports with confirmation of resistance at S1 sending us to S3 yet again. S3 is significant because it's sitting right on top of our 50 SMA in green and also our .618 Fib rettracement and BTC is already breaking through its support. A close below and our chances of going lower raises. After S3, are some levels to watch out for next. S4 and S5 were past resistance that could change to support but I don't expect strong support until S6 at 8000 since that's where we have our highest amounts of positions entered. We have s7 at our .382 fib retracement and S8 with our 200 SMA in red which is near sub 6k. Below that and we could face a Bitcoin winter again.
These are just level's to watch out for, I'm not trying to call a 5k bitcoin or long bear market. But with the signals we're getting today, we're going lower but how low?
These are just level's to watch out for, I'm not trying to call a 5k bitcoin or long bear market. But with the signals we're getting today, we're going lower but how low?
Note
If we can't make it above 50 SMA in green by today's close then more downside to come. Could be looking at S5. A close above 50 SMA and we could consolidate between S2(where we have our 12/26 EMA's in yellow and purple) and S3(where we have our 50 SMA in green).
Note
Looks like we found support at S4 and made a close above our 50 SMA in green. We're back up to test S2 where we have our EMA's like predicted. Decent volume on the Hourly charts.
Note
Bulls are putting alot of pressure on our 12/26 EMA's(yellow, purple) on the Daily chart where we have our S2(now resistance) at 11,000$. It's looking that it will more than likely break through. S1 will become next resistance.
On our 4hr chart. We can see shift in momentum as we have our 12/26 EMA bullish crossover that also held as support. If S2 holds as support then we will go to test S1 as resistance. We're getting a bit of a volume divergence as well. As long as we're above our EMA's then we should see more upside.
Note
BTC in a downtrend channel. Momentum shifting upside breaking our 26 EMA(purple). At around 10.5 - 10.6 k we should have our S2 and 50 SMA(in green) act as resistance.
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