Bitcoin: pressure intensifies
After a successful bearish SFP on the 6h, at a liq zone which lies at the top of the range, price logically finds support and continues to hover over the trend line with no Meso/Daily close below it.
Initially price found support at 8255,and afterwards it retested the 8473 lvl, which acted as resistance on the way up, but after the impulsive move down(after the range top SFP), price firmly closed below it, hence a retest could have been easily anticipated (perfect short reload area)
A few hours before the weekly close we witnessed some volatility and price overthrow-ed the initial support level (8255) but closed firmly above it, printing a bullish sfp on Meso. Additionally the wick got to the golden zone which aligns with the POC(market acceptance area),
Acknowledging the fact that we have algorithmic activity in this market, the target lies at 9057 (-0.236 fib lvl). This target is positioned in a high confluence area: prev long term support of the descending triangle, Daily Pivot, measured move, 0.5 retracement level (from 10,490 to 7730).
If we can witness a bullish continuation after the bullish SFP(currently unfolding) with price closing above 8475, that would open the doors for 9k.
Overall we are getting mixed signals and the Daily Doji confirms that:
Initially price found support at 8255,and afterwards it retested the 8473 lvl, which acted as resistance on the way up, but after the impulsive move down(after the range top SFP), price firmly closed below it, hence a retest could have been easily anticipated (perfect short reload area)
A few hours before the weekly close we witnessed some volatility and price overthrow-ed the initial support level (8255) but closed firmly above it, printing a bullish sfp on Meso. Additionally the wick got to the golden zone which aligns with the POC(market acceptance area),
Acknowledging the fact that we have algorithmic activity in this market, the target lies at 9057 (-0.236 fib lvl). This target is positioned in a high confluence area: prev long term support of the descending triangle, Daily Pivot, measured move, 0.5 retracement level (from 10,490 to 7730).
If we can witness a bullish continuation after the bullish SFP(currently unfolding) with price closing above 8475, that would open the doors for 9k.
Overall we are getting mixed signals and the Daily Doji confirms that:
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.