BTC forming M pattern on Weekly
Updated
BTC still within this blue dotted downtrend channel.
M pattern forming as BTC tests 12 EMA (yellow).
Supports
Support can be found in green rectangles between S1 and S2 @ high 9000's. After S2 we should have strong support at next green box below between S3 and S4 near our .5 fib retracement, also 26 EMA (purple) where we have High volume on our Volume Profile. We should make a bounce at S3, S4 but if we can't stay above our EMA's then that could signal a shift in momentum.
M pattern forming as BTC tests 12 EMA (yellow).
Supports
Support can be found in green rectangles between S1 and S2 @ high 9000's. After S2 we should have strong support at next green box below between S3 and S4 near our .5 fib retracement, also 26 EMA (purple) where we have High volume on our Volume Profile. We should make a bounce at S3, S4 but if we can't stay above our EMA's then that could signal a shift in momentum.
Note
Another look from our Daily. BTC could make a bounce from our yellow dotted trendline but, should be met with some resistance at our EMA's (yellow/purple)
Note
Daily Chart Update:
So far we've managed to get a bounce off yellow dotted trendline and found resistance at our EMA's(yellow purple) and 50 SMA(green). Price could further consolidate within the top blue dotted trendline as main resistance, and yellow dotted trendline for current support. If yellow dotted trendline breaks and we keep making support at 10k and make LH's, then we could be forming a bearish descending triangle.
Note
4HR chart Update
Price action soon.
Note
4HR chart update.
We're breaking our yellow dotted line support, big price action
Note
1W update.
Breaking 12 EMA(yellow) on our weekly chart. Heading towards 26 EMA (purple) towards our next green rectangle.
Note
1W update.
BTC has broken our weekly EMA's(yellow/purple) support. We reached our target at s3/s4 green rectangle. I think we could have a bounce back to test weekly EMA's (first purple then maybe yellow) which also lines up with our S3, S2, S1 where they would now start acting as resistance. This will further confirm our downtrend going into a downtrend channel. Next level I'm watching out for is S5, S6 green rectangle
Note
1W Chart Update
Looks like we made a close on our S4 support, and the bounce to our weekly EMA's begin.
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