BTC Levels to Watch - FBB Analysis
Hi guys,
Simple chart today. This shows a bunch of levels that are highly relevant in the mid-term. Most of you should already have this info, probably because of other indicators pointing to these levels (fibs, swing highs/lows and so on...), so keep this in mind as a reinforcement to your theory if you have a similar one.
From what you can see the FBB lines are well respected by BTC price action and they will not suddenly lose relevance. Fortunately, they are moving almost horizontally for now, which makes this analysis and the levels shown a bit more reliable in the mid-term.
Summary:
- BTC is held above 200W-MA and kept below 200W-EMA
- Both lines are converging and increase the pressure from both sides
- The 3.7k level is important as to which side has the upper hand currently, for now we are (still) in bull territory
- If one of the weekly lines break, we will almost certainly see a touch of the next lines up and below the respective levels, meaning 4.4k and 2.5k
- A break to the downside could potentially end sooner than 2.5k due to massive support at 3k and below, but 2.5k is still a level to watch out for if you intend to long BTC on this move or want to take profits from your shorts
Trade safe.
Simple chart today. This shows a bunch of levels that are highly relevant in the mid-term. Most of you should already have this info, probably because of other indicators pointing to these levels (fibs, swing highs/lows and so on...), so keep this in mind as a reinforcement to your theory if you have a similar one.
From what you can see the FBB lines are well respected by BTC price action and they will not suddenly lose relevance. Fortunately, they are moving almost horizontally for now, which makes this analysis and the levels shown a bit more reliable in the mid-term.
Summary:
- BTC is held above 200W-MA and kept below 200W-EMA
- Both lines are converging and increase the pressure from both sides
- The 3.7k level is important as to which side has the upper hand currently, for now we are (still) in bull territory
- If one of the weekly lines break, we will almost certainly see a touch of the next lines up and below the respective levels, meaning 4.4k and 2.5k
- A break to the downside could potentially end sooner than 2.5k due to massive support at 3k and below, but 2.5k is still a level to watch out for if you intend to long BTC on this move or want to take profits from your shorts
Trade safe.
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