KING BTC

Updated

If we look at the bullrun of 2017, BTC made it to 20k within a day after breaking out of its .618 fib retracement at 13k. Will history repeat itself?

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Update for short term 4HR chart.

Found resistance right above 61.8% fib retracement. Here are also some supports. S1 found support at 12 EMA (Yellow line). S2 should be supported by 50% fib retracement and near 26 EMA (purple line). Then we have S3 supported by a HVN on our volume profile to the right and also where our 50 EMA(green line) is.

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Here's also a trendline to watch out for

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Update 4HR chart

S1 and S2 supports broke. Now we test S3.

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Is this the 30% correction everyone's waiting for? Next supports to look out for.

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Going to our 1HR chart for a more precise update.

We can see BTC consolidating within this wedge in blue dotted line. Price action is bound to happen by 8 PM EST(yellow arrow) right where we'll have our Daily Close. Our previous S1 held as support and we broke through our .786 Fib retracement.

Will BTC revisit our previous highs at 13.9k? A good sign that it will would be it breaking its R1 resistance and make a short term HH again.

Should BTC break below 11.3-11.5k where our .786 fib retracement is then we could see S1 support being tested again.

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We had 2 false breakouts out of our wedge before breaking green dotted line support. We broke down below both our EMA's and 50 SMA on the 4hr chart. We came to test our S1 suppport like we previously said it would if out .786 fib retracement support broke. We're making a bounce but could be seeing more downwards action if we can't make it above our EMA's (yellow and purple line) again.

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Going to our 12HR for a little bit more clarity.

From where we are right now, on our RSI, we still have room for more downside.

A close below 26 EMA(purple) and we could go as far as S2 sitting right above the 50 SMA (green line) but there was little volume there according to our Volume profile. Essentially I don't find it to have strong support at S2. We do however, have a stronger support sitting at S3 near the 100 SMA(orange line). We also have our 50% fib retracement near this area at S3 as well. And if S3 fails, I think we should have a really strong support at S4 according to our Volume Profile which would make it a 42% correction from our recent High.

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After breaking our S1 support at 11.5k. We made it down to our S2 support with a 11% bounce. We're back to testing S1 as resistance. If BTC fails to break above S1 also where we have our 26 EMA(purple line) and it becomes strong resistance, then we could see more downside price action.

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BTC could potentially be in a downtrend channel in red dotted line.

Detective_Conan

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