BTCUSD one last breath at major support! My overall bias has been bearish but having said that I trade level to level, day-to-day, and will change my mind if we invalidate key levels to take us out of the current bear market.
BTC is showing bearish momentum and a very bearish market structure but that does not mean we can't look for longs.
After the perfect .618 golden pocket rejection at 48k, we now have everyone in panic so this would be the best time to take a nice, fat long again.
We're almost at critical support and it will be thoroughly tested IMO.
What I can see coming up is a nice swing long at around the 38.4k range.
Looking at TA:
We have the golden pocket (yellow lines) of the ENTIRE uptrend. There will be tons of buyers in this range from 37.2k - 38.5k
We have a daily level (blue line) of 38.1k
Fib 1 - 1 extension (red line) gives us 38.4k for the move down and this typically gets completed as such.
4H - 8H RSI is very, very low and this suggests we've got more room to drop from where we are.
Daily hidden bullish divergence if we maintain the 38k level and don't take out the wicks.
I think we'll be bouncing in this channel I have created. We're currently halfway through.
I'll share some more ideas below in the comments!
NFA.
Good luck!
