In my last update from last publish on BTC analysis
I mentioned about the critical support area that need to hold price, to prevent more drop.
also mentioned below the baseline would be bearish, so yesterday price started to decline.
now if price continue to close below the critical level 28200$ we can expect more drop for coming days.
at this case between 25K & 26K as very strong demand zone, is our main target .
however if price turn back up to 28200$ and closed above this area this expectation may not come true for a while.
in my view for a healthy market action it really needs price have a correction wave downward before another impulsive upward pressure.
let's see what's the market makers intention to happen.
Enjoy the market
I mentioned about the critical support area that need to hold price, to prevent more drop.
also mentioned below the baseline would be bearish, so yesterday price started to decline.
now if price continue to close below the critical level 28200$ we can expect more drop for coming days.
at this case between 25K & 26K as very strong demand zone, is our main target .
however if price turn back up to 28200$ and closed above this area this expectation may not come true for a while.
in my view for a healthy market action it really needs price have a correction wave downward before another impulsive upward pressure.
let's see what's the market makers intention to happen.
Enjoy the market
Trade active
finally:hit the first support area and bounced up, although I still expect 25K is our critical support level and even 24K can retest before new upward pressure, lets see
Trade active
as you can see price hit the first support level around 26K and bounced back but now it is moving in an ascending channel in range, so I put my baseline around 28K above the ascending channel and expect price touch this area before last drop or close below the channel and drop to the most demand area between 24K and 25K to complete its correction wave(abc). closing above 28K also possible , lets seeTrade active
watch for below or above ranged zoneTrade active
same area, same rule is still validate.price came back to the range zone so we have same condition from my last update.
Note
same move, same strategyI just add baseline(dotted line)closing above it bullish below it bearish as it is now.
Trade closed: target reached
still testing between 25K and 24K possible, however best strategy is now starting to buy with dollar cost average.
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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.