Bitcoin's currently at a very important point.
Short term:
- I'm watching where we close today as bulls are trying to hold this support and close above 50 SMA. We haven't close bellow it for several months therefore this could signal further selling. We don't want to see a lower low on D timeframe.
- Potential bear flag forming on smaller timeframe.
- Im using a fib trend extension from march move to determine resistance levels. It's been very accurate so far.
Long term:
- I'm using trendline structure as a guide also fib extension from 2017 high and bear market low (see purple lines on the left) - it also has been a good guide so far.
- Long term structure is still bullish and I feel comfortable hodling and adding to my position at these levels.
- Trading wise I'm staying neutral for the time being unless i see higher highs above 55k or 60k. I wouldn't be surprised to see bitcoin to consolidate further in this 50-60k range for couple weeks trapping both bulls and bears.
- 50K is a strong support which should hold should we get rejected at current level. However it's possible we could wick down and touch 21 EMA on W (currently 45k) but at those levels buyers gonna step in. I'll be buying for sure. Have your orders in.
- I can't see us going bellow 40k anymore, it'd be a bit worrying imo.
(Daily chart)
Short term:
- I'm watching where we close today as bulls are trying to hold this support and close above 50 SMA. We haven't close bellow it for several months therefore this could signal further selling. We don't want to see a lower low on D timeframe.
- Potential bear flag forming on smaller timeframe.
- Im using a fib trend extension from march move to determine resistance levels. It's been very accurate so far.
Long term:
- I'm using trendline structure as a guide also fib extension from 2017 high and bear market low (see purple lines on the left) - it also has been a good guide so far.
- Long term structure is still bullish and I feel comfortable hodling and adding to my position at these levels.
- Trading wise I'm staying neutral for the time being unless i see higher highs above 55k or 60k. I wouldn't be surprised to see bitcoin to consolidate further in this 50-60k range for couple weeks trapping both bulls and bears.
- 50K is a strong support which should hold should we get rejected at current level. However it's possible we could wick down and touch 21 EMA on W (currently 45k) but at those levels buyers gonna step in. I'll be buying for sure. Have your orders in.
- I can't see us going bellow 40k anymore, it'd be a bit worrying imo.