BTC (Y20.P5.E10).Price Action explained
Updated
Hi All,
There are many ways to look at what just took place and what scenarios are to likely to play out.
But one thing is for sure, its going to be volatile until it sorts itself out.
The following elements are area's to watch;
a) fib levels at the macro level
b) daily 10/20 ema or the 50.
c) previous support and resistance lines
d) structure
a) I'm using the channel log curve and applying the fib levels to it, which makes sense at key levels of support and resistance;
b) The daily 10\20 ema trend has been holding true so the trend is still intact;
c) Price closing above 19340 will keep the trend with a HH
d) The structure is yet to be confirmed
The 1 hrly trend was working for the short period
The daily trend was and is still intact
So far the bounce is looking good. As long as we dont form some sort of triangle in the coming days, we should be clear.
If it was to go to the downside, I would be looking for a short dip, to the next EMA, the daily 50 ema or that fib level in the same range.
Note the fib levels and how they are relevant to price action today and the all time high, at the 0.382 level. Hence a strong resistance response.
We also had a bearish divergence as the price hit the same level as before.
Please give me a like or tick for this post
Regards,
S.SAri
There are many ways to look at what just took place and what scenarios are to likely to play out.
But one thing is for sure, its going to be volatile until it sorts itself out.
The following elements are area's to watch;
a) fib levels at the macro level
b) daily 10/20 ema or the 50.
c) previous support and resistance lines
d) structure
a) I'm using the channel log curve and applying the fib levels to it, which makes sense at key levels of support and resistance;
b) The daily 10\20 ema trend has been holding true so the trend is still intact;
c) Price closing above 19340 will keep the trend with a HH
d) The structure is yet to be confirmed
The 1 hrly trend was working for the short period
The daily trend was and is still intact
So far the bounce is looking good. As long as we dont form some sort of triangle in the coming days, we should be clear.
If it was to go to the downside, I would be looking for a short dip, to the next EMA, the daily 50 ema or that fib level in the same range.
Note the fib levels and how they are relevant to price action today and the all time high, at the 0.382 level. Hence a strong resistance response.
We also had a bearish divergence as the price hit the same level as before.
Please give me a like or tick for this post
Regards,
S.SAri
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