Will the golden pocket hold?
We've been comparing these bull structures for a while: 2021 May-July bear period vs December-March 2022.
From the fibonacci retracement applied to the first pull back after the first pump we can see that in 2021 we manage to find support in the 0.5 fib level.
In 2022 we didn't hold leaving us the golden pocket as the next potential level.
0.5 and 03 levels are much more bullish pull back supports but golden pocket has a very strong record of providing a final trend reversal.
Let's keep an eye on 38.9K, so far is providing enough support but it all comes down to investors reaction to the actual CPI reports later today.
Bullish scenario: investors already priced in fears and expectations match reports, then BTC might see a nice relief rally.
Bearish scenario: statistics are worst than expected, this could lead to revisit the lower 30s range.
From the fibonacci retracement applied to the first pull back after the first pump we can see that in 2021 we manage to find support in the 0.5 fib level.
In 2022 we didn't hold leaving us the golden pocket as the next potential level.
0.5 and 03 levels are much more bullish pull back supports but golden pocket has a very strong record of providing a final trend reversal.
Let's keep an eye on 38.9K, so far is providing enough support but it all comes down to investors reaction to the actual CPI reports later today.
Bullish scenario: investors already priced in fears and expectations match reports, then BTC might see a nice relief rally.
Bearish scenario: statistics are worst than expected, this could lead to revisit the lower 30s range.
Join our membership to gain access to the private scripts.
thetradingparrot.com
thetradingparrot.com
Related publications
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.