Although I have quit trading bitcoin, I thought it would be fun to examine the chart.
Since btc has broken the level of 286 (shortterm support) a break of marketstructure occured, btc will now try finding some support which will most likely be found in the 274-271 area. \\
I have layed out 2 possibilities.
possibility 1:
If btc price bounces at this level, we could expect a run for 286 to occur (new resistance). With the small opportunity of making another run for 300.
possiblity 2
If price doesn't bounce then the uptrend will most likely be over with, and 265-262 will be our next objective.
But I'll let price action decide. Support levels in case of downtrend: 262, 252.4, 247.5 and 238.78.
The chart also strongly suggests an ict sell model, a chart i'll post shortly after this one has been published.
Since btc has broken the level of 286 (shortterm support) a break of marketstructure occured, btc will now try finding some support which will most likely be found in the 274-271 area. \\
I have layed out 2 possibilities.
possibility 1:
If btc price bounces at this level, we could expect a run for 286 to occur (new resistance). With the small opportunity of making another run for 300.
possiblity 2
If price doesn't bounce then the uptrend will most likely be over with, and 265-262 will be our next objective.
But I'll let price action decide. Support levels in case of downtrend: 262, 252.4, 247.5 and 238.78.
The chart also strongly suggests an ict sell model, a chart i'll post shortly after this one has been published.
