BitcoinLong
BITCOIN nearing support
Updated
FUD😱 all over the place, so this would be good opportunity to buy the fear @ support. Will it hold?
Note
BTC testing the support @ 31900. Another support is slightly below @ 31200, so both supports together do create zone. I think the price could drop to the lower edge of the zone (31200) as shown by blue projection, or it can go up straight away (red projection). Note we are also at the lower edge of the green downward channel, which should provide additional support.Note
The zone 31900-31200 really supported the price and BTC bounced several times out of it. Just added new trendline (red), which BTC now needs to break. And then there is the yellow one and then green one. I think bitty can make it. 💪Note
Support holding, Bitcoin trying to break the red trendline again. FUD still spreading, fear and greed index showing extreme fear. Ideal conditions to flush all the shorts and bears...Note
BTC is back above the support and back inside the green channel. Also broke the red trendline. My current view (see pink projection) is that over the weekend the price could test the 31200 - lower edge of support confluencing with the yellow downtrendline. TD sequential did print "9" few bars ago, which also points to reversal/correction. Note
Trying to break out of the green channel. I still think we could see retest of the support 31900-31200 first and then ... up up up! ↗️Note
Here we go, Bitcoin leaving shorts in the dust without pullback. Currently at channel resistance (white). Back to my original post: Did you buy the fear near support? If so now you are smiling... 🤑
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.