Bitcoin at crucial levels
Updated
Bitcoin is at a level at which, if it has to bounce should bounce from 7250ish level. This is the time. The trend line is also in confluence with the 61.8 fib level. If the bounce with volume fails, we see it break the crucial fib level of 61.8 and a further move down to the shown support levels of white lines. The daily chart was so weak that it wasnt able to break even the 7DEMA. It broke the weekly 100 MA support which was holding the price since past 4 weeks. Also the bear cross of 7WEMA X 21WEMA has had a strong effect in past if you do the back testing. Also on weekly the kijun sen and tenkan sen bear cross also is seen. I am looking forward to see it close convincingly above 7 period ema and sustainingly move up failing which, you know what. Currently neutral but short if it fails to move above and long if it begins to bounce.
Comment
As expected, a strong bounce with volume. Wow! Got to watch how this week and month ends...Trade closed: target reached
Price when the idea was published was 7414 and it bounced up to 10350.Disclaimer
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