BTC: take a step back
Updated
Recently I passed 2000 followers👪 and I would like to thank you all my fellow traders! Also this is my 200th idea🍾 and I feel it's one of the most important charts I've posted here as the crypto market fear is all over the place.😱 Chasing the price on short-term timeframes is prolly driving you crazy these days. So let's take a step back and look from different perspective. Bitcoin is testing long-term uptrendline in confluence with support 42000-39000 therefore I'm expecting bounce up. Alternatively the price can drop lower first to test the support 35000-33300 before going back up again.
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⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
Check my other stuff in related ideas.
Please like👍, comment🗣️, follow me✒️, enjoy📺!
⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
Note
BTC bounced just a little off the 42-39k zone & yellow uptrendline support and then dumped hard breaking both. Currently sitting at 35-33k support. Closer look at the daily chart (see down below) shows there is also trendlines confluence (red and orange) which could provide additional support...Note
Bounced nicely off the 35-33K support confluence and now just tested the 39K resistance. I think price now goes down to retest the 35-33K support.Note
BTC still wrestling with that resistance 39K now even in confluence with white downtrendline. Strong level...Note
...and price got rejected.As already said: I think we are going to retest the 35-33k zone finally.Note
Actually price break up the white trendline with explosive move and now howering right below 42K resistance and below the previously broken yellow uptrendline (sort of backtesting it).Note
Added the lime trendline. Since last update BTC got back above the yellow uptrendline but didn't hold it and dropped back down below, bounced a bit off the 42K support, and then dropped down again to find strong support at confluence of orange trendline and 35K level so the retest finally came (as mentioned on Feb 3). Now we are back in the 39-42K zone and the price action looks quite bullish imo.
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