BTCUSD Trendline + Dual Fib Ext. Confluence - Reversal at 47,200
Updated
Since the last local low of $30,000, BTC has been rising while respecting the same trendline, similar to 
SPY's movement the past few months since the pandemic crash in March.
Quick, large rises followed by slow uptrending, then rounding a top and touching the trendline, only to repeat it all again with a quick reversal.
The next touch of this trendline should be in the next few hours at $47,200, according to the trendline as well as a fib and a previous resistance that has been turned into a support.
The reversal will be quick, so make sure you get your trade in as close as possible to the trendline, and feel free to DCA into the trade starting here.
Any movement below $46,500 will invalidate this trendline and put further downside into the near future.
If this reversal at the line succeeds, two separately drawn fibonacci extensions line up at around
54K, which should be the next target for the top of the rise.
ETH is also a good trade based on this. It's been suppressed at 3350 for a long time and is itching to break out and needs a push from big brother BTC to achieve it.
Don't overleverage and set a stop loss. Good luck!
SPY's movement the past few months since the pandemic crash in March.Quick, large rises followed by slow uptrending, then rounding a top and touching the trendline, only to repeat it all again with a quick reversal.
The next touch of this trendline should be in the next few hours at $47,200, according to the trendline as well as a fib and a previous resistance that has been turned into a support.
The reversal will be quick, so make sure you get your trade in as close as possible to the trendline, and feel free to DCA into the trade starting here.
Any movement below $46,500 will invalidate this trendline and put further downside into the near future.
If this reversal at the line succeeds, two separately drawn fibonacci extensions line up at around
54K, which should be the next target for the top of the rise.ETH is also a good trade based on this. It's been suppressed at 3350 for a long time and is itching to break out and needs a push from big brother BTC to achieve it.
Don't overleverage and set a stop loss. Good luck!
Note
Looks like we got a first touch of the trendline at 47,100 or so, but volume is a little weak and the 15m looks a bit strained.If you look at the previous test of the trend line it did the same thing as it is right now, then falls to retest the line once more before rising sharply. Funny enough, the previous test was also at the same time of day as it is now.
Don't rule out another test or even consolidation at the trendline.
Note
And there we go! Second retest and finally some good volume green candles.Note
Yikes, not enough volume on the reversal and it's come back down to retest the line at around 47,600.Trade closed: stop reached
Broke the line, expect 40k-44k
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.