Idea on BTC mid-term resistance levels ($9,500, $9,900, $10,150)
Updated
Potential Medium-term resistance points based on confluence (log scale)
Resistance considered:
1. BTCUSD Long-Term Downtrend resistance line (log) since the ATH
2. Fib retracement drawn from local high at $11,700 down to local low of $7,240
3. Considerable S&R hourly levels at: $10150, $9900, and $9500
The three S&R levels identified in point 3 happen to fall very close to fib levels ($10112, $9996, and $9470 respectively).
The log downtrend line crosses over these points on the following days: March 23, March 26, and April 01 (April Fools!) respectively.
This is just an idea based on resistance levels only, and is certainly time-sensitive. If we continue sideways for several days, and don't test the log resistance within the March 21 - April 2 timeframe, or we test the log resistance outside of areas of confluence, this idea is failed.
I have marked S&R levels for your review; everything is color coded for convenience.
Short term, my eyes are on the $9,500 mark. We still have S&R line + fib confluence. The next major fib level to cross.
Resistance considered:
1. BTCUSD Long-Term Downtrend resistance line (log) since the ATH
2. Fib retracement drawn from local high at $11,700 down to local low of $7,240
3. Considerable S&R hourly levels at: $10150, $9900, and $9500
The three S&R levels identified in point 3 happen to fall very close to fib levels ($10112, $9996, and $9470 respectively).
The log downtrend line crosses over these points on the following days: March 23, March 26, and April 01 (April Fools!) respectively.
This is just an idea based on resistance levels only, and is certainly time-sensitive. If we continue sideways for several days, and don't test the log resistance within the March 21 - April 2 timeframe, or we test the log resistance outside of areas of confluence, this idea is failed.
I have marked S&R levels for your review; everything is color coded for convenience.
Short term, my eyes are on the $9,500 mark. We still have S&R line + fib confluence. The next major fib level to cross.
Comment
We will not be testing the $10,950 lt trend line confluence.Next target is $9,900 with a psychological $10,000 confluence resistance on Monday, March 26.
Still looking at first breaking $9,500
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