BTCUSD, areas to watch

Updated

Decision time.

Note

Boxes are FIB retracements.

Downside: if we are going to break down, 8600 is the key point to watch.
Upside, I consider 9500 a huge resistance area. If that breaks, we can expect it to lead to 10k and further.

Currently I would watch these areas, not take any position until confirmation. We are either in a bullrun or just a larger swing area.

Note

Trading now under the strong resistance of 9500 area, yet the price does not seem to drop. Waiting for confirmation of a significant move later today. It's Friday, typically Thu-Fri we see some "weekend preparation" going on. If we side-way today, then I expect a couple of wicks during the weekend but nothing more. It's interesting times ahead.

On a shorter time frame a decline to 8700 area would not be surprising.

Note

Still trading on a huge resistance. 9500-9600 area is a minefield of shorts it seems. Still it looks like every dip in the 9100-9280 area is bought and the price bounces back. This situation cannot go sideways much longer. At this moment I am inclined to say a test of lower support is coming.

Note

Note

A bearish divergence is still obvious to me, however, market momentum and sentiment trading (fear of missing out) could push this to 10400, where we had the last bullish serious attempt denied on 26th of October.

Note

Support at 9500 area defended so far a major correction. On the 4h we can see that a potential comeback towards 10000 and area is in the making. The indicators are also in the oversold area.

onobeka

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