BTC/USD : Key levels that changes BTC's direction
Updated
BTCUSDHello everyone 😃
BTC had a pivot on early 15th April which I was predicted with Pi cycle ( Many people said it's not valid )..
How ever recently I changed my mind into a bullish phase and it's failed badly !
Now;
BTC is moving into a pennant, Which is start to forming at 13th March.
How ever it's been broken one time, But it's ok to use trendlines..
There are two major scenarios :
1️⃣ Break through mentioned green box on chart
2️⃣ Being rejected from Pennant and support level to 50K & 40K
1️⃣ Break through mentioned green box on chart
Easiest way for BTC to break These bearish trendlines is to break through trendlines cross ( Pink and Green ).
By the way there is another bearish trendline ( purple ) which formed cause of recent rejection at resistance line...
So for better impact it's good for BTC to retest pennants lower line one more time !
However MACD is trying to have a bullish crossover.
If BTC try to break through mentioned point, then it will pass 3 resistances at once;
2 bearish trendlines and a resistance zone....
2️⃣ Being rejected from Pennant and support level to 50K & 40K
As you can see, There are many resistances formed at current level above movement.
Also it's harder for BTC to break them in split points with current volume !
So now let's talk about factors that can make BTC's bearish phase possible;
TSI is trying to make bullish crossover, But if BTC rejects current level, Then TSI will have one more dive before minor recovery..
Cause last high TSI was recorded around +44 and now TSI is -26, So there will be enough space for another rejection !
On BTC's Dominance overview :
If current level ( 52% ) rejects to hold the dominance, Then it will fall immediately to lower support zones ( 50% & 45% ).
📚 If dominance fails to recover one more time, Then it might cause a crash on market with another minor dip !
We talked about possible directions, Now let's talk about the possible high and possible low for next days :
There are two located GAP for on CME chart.
- If BTC breaks located resistances; Then 62K retest level will be confirmed..
- If BTC Rejects pennant and support zone; Then 54K retest is confirmed..
📌 These Prices are for CME chart; We would see different result in Exchanges
🔴 If BTC breaks above $56,500, the pair could rally to the 20-EMA, which is again likely to act as a resistance.
If the price turns down from that level, the pair could retest $53,000 and then $50,460.
The down sloping MAs and the RSI near the overbought territory show the bears have the upper hand.
📍 There is one more barrier for Bulls, There is a order block before BTC's wick candle;
That zone can be another reversal point for BTC's progress to fill the GAP !!
Attention: this isn't financial advice we are just trying to help people on their own vision.
Have a good day!
Helical_Trades
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Bitcoin is testing the $55000 support. Have to bounce from here.Note
Just a daily reminder ;)
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