Bitcoin: Test for the bulls.
Updated
Bitcoin lost the critical $9500 level and is now looking to retest an aread of confluence below namely:
- 200 day moving average at $8789
- The point of control of the whole move at $8600
- The 50% Fibonacci retracement level
- The 20 and 50 week moving average at c.$8500
- The CME gap.
In simple terms, i am looking to short a bearish retest of $9550 and am not bullish until we can break the pattern of lower nighs and lower lows, to reclaim $10000.
The overall bull trend needs the area of support to hold; it presents an attractive risk-defined long term long entry i plan to close out short cover down here.
I covered off this in much more detail in my free newsletter along with on-chain analysis and depth toward my 12 month forecast, which you can sign up to in my bio.
Drop a like if you want to support, otherwise, thanks for dropping by.
Good luck, filb
- 200 day moving average at $8789
- The point of control of the whole move at $8600
- The 50% Fibonacci retracement level
- The 20 and 50 week moving average at c.$8500
- The CME gap.
In simple terms, i am looking to short a bearish retest of $9550 and am not bullish until we can break the pattern of lower nighs and lower lows, to reclaim $10000.
The overall bull trend needs the area of support to hold; it presents an attractive risk-defined long term long entry i plan to close out short cover down here.
I covered off this in much more detail in my free newsletter along with on-chain analysis and depth toward my 12 month forecast, which you can sign up to in my bio.
Drop a like if you want to support, otherwise, thanks for dropping by.
Good luck, filb
Note
Well that escalated quickly. Note
Still think 8555 could be looked at before we get a decent bounce.Note
Send it!tradingview.com/chart/Yeavhmaw/
Note
Took some profit on my longs here.Looking to reenter markets 8500-8650.
I will give day to day updates in my telegram channel - see bio.
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