Speculative scenario but assessing possible price action / interaction with horizontal resistance and market structures over the next month.
- $18,600 seems too far but it's the first real 'local' support under $30k. Target for closing shorts.
- Key focus is on ALT recovery point which might be much later during any drop. Going long too early might be detrimental
- Expecting fast recovery - 28 Days back into key line of resistance. Long Entry at $30k (Break back up through wedge)
- Purple line is key line of descending resistance
- Falling wedge structure i'm 80% sure on.
If it drops I expect a recovery by mid-March into the $30k to $40k range inline with equity market expectations.
Best, Hard Forky
Stuff:
Final Local Shorts
Macro (Developed in Nov & Dec 21 - although has been adjusted with new final drop expectation)
- $18,600 seems too far but it's the first real 'local' support under $30k. Target for closing shorts.
- Key focus is on ALT recovery point which might be much later during any drop. Going long too early might be detrimental
- Expecting fast recovery - 28 Days back into key line of resistance. Long Entry at $30k (Break back up through wedge)
- Purple line is key line of descending resistance
- Falling wedge structure i'm 80% sure on.
If it drops I expect a recovery by mid-March into the $30k to $40k range inline with equity market expectations.
Best, Hard Forky
Stuff:
Final Local Shorts
Macro (Developed in Nov & Dec 21 - although has been adjusted with new final drop expectation)
Note
Note
BTC trying to push back up - retest of broken support is viable but my assumption at this stage is that it is a bull trap with low liquidity pushing market prices up. Note
still time to break down but this move off daily support might invalidate
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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.