Bitcoin / TetherUSUpdated BTC Approaching 18.9K Level
On the weekly timeframe, over the next month I'm looking to see if BTC will have consecutive candle closes above or below 18.9K. Confirming that key level as support or resistance
If we get a close above, looking to get a bullish retest to confirm more upside.
Watch the 200 Moving Average on the 12HR timeframe for bullish retests.
If we get a close below, we can define the current movement as a bearish retest and watch for next support levels tested before more downside.
Again we can use the 200 Moving average on the 12HR timeframe to see if we get a bearish retest at that level/lose support all together.
My personal thoughts are that we will confirm this level as resistance, we may get some wicks above on the weekly timeframe, I'll be watching the 200 MA on the 1D and 12HR to either confirm or invalidated my bearishness.
Trade idea: Catch Rejection off of 18.9K - 19.5K, ideally you want to wait for a bearish confirmation to enter shorts, not trying to predict the initial rejection.
Safe Entry: Bearish Retest on 4HR/12HR timeframe around 18.9K with 200 MA overhead as resistance
Bearish Targets: 18.2K - 17.8K Range, 17K
Bearish targets can extend to under 16K if BTC continues to lose support and confirm it as overhead resistance.
If we get a close above, looking to get a bullish retest to confirm more upside.
Watch the 200 Moving Average on the 12HR timeframe for bullish retests.
If we get a close below, we can define the current movement as a bearish retest and watch for next support levels tested before more downside.
Again we can use the 200 Moving average on the 12HR timeframe to see if we get a bearish retest at that level/lose support all together.
My personal thoughts are that we will confirm this level as resistance, we may get some wicks above on the weekly timeframe, I'll be watching the 200 MA on the 1D and 12HR to either confirm or invalidated my bearishness.
Trade idea: Catch Rejection off of 18.9K - 19.5K, ideally you want to wait for a bearish confirmation to enter shorts, not trying to predict the initial rejection.
Safe Entry: Bearish Retest on 4HR/12HR timeframe around 18.9K with 200 MA overhead as resistance
Bearish Targets: 18.2K - 17.8K Range, 17K
Bearish targets can extend to under 16K if BTC continues to lose support and confirm it as overhead resistance.
Note
18.9K Reached, watching for breakout or rejection soon.Note
BTC at next major resistance zone. Watching for
Bearish: Rejection at this level
Bullish: Consolidation and then move towards 22.9K/23K
Note
Also Watching Crypto Total.Just touched .786 Fib Resistance level
Same idea, watching for breakout or for this level to hold as resistance
Note
BTC looking for support
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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.
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.