BITCOIN when do the BEARS WIN?What's up everyone! 😃
The answer depends on many factors and we will be looking at a couple of different ones in the form of price acion patterns, indicators and reracements.
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Part 1:
The Daily Chart; Channel life, the daily SMAs/EMAs and the trend's Fibonacci levels.
- The Daily SMAs
50: 41.8k
100: 41.6k
200: 48.2
- The EMA Ribbon
20 Day EMA to Day 60 EMa
44k-43kk
- The ascending channel
Top: 48.300-48.600
Bottom: 38.400-38.800
- The trend's (32.9k-48.2k) Fibonacci retracement
23.6: 44.6k
38.2: 42.4k
50.0: 40.6k
61.8: 38.7k
65.0 38.3k
78.6: 36.2k
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Next Strong Support (lower green circle):
- 50&100 day SMAs
- The 38.2 level on the trend's Fibonacci retracement
= 42.4k-41.6k
Next Strong Resistance (upper green circle):
- Daily EMA 20
- 23.6 Fibonacci level
= 44k-44.6k
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Trend support (lower red circle):
To stay in this trend that we are in since January now in form of this ascending channe, we need to hold the bottom of the channel as a worst case scenario.
The good news is that there is more support in that area:
- Ascending Channel support
- 61.8 & 65 Fibonacci levels
= 38.3k-38.7k
Trend Resistance (upper red circle):
(confirmation to the upside with daily close above)
- Ascending channel resistance
- 200 day SMA
= 48.2k - 48.6k
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Conclusion:
- The bears start winning if we fall below 41.6k and they officially start to take control below 38.3k
- The bulls start seeing a reversal to the upside above 44k and start to take full control above 48.2k
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I would like to add that this post is meant exclusively for educational purpose and that non of my posts are financial advise.
As always, A BIG THANK YOU for stopping by, I
hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys! 😃🙏
Happy Trading ✌♥📈
