A better illustration for BTC and long term HODL targets
Updated
These are the interest of areas, where the 21 EMA weekly resides. As this week candle close fairly soon, the EMA will move up higher into the mid 8000's range. There are many confluences in these area that traders and investors are looking at for a possible long term HODL position. Notice I said possible, not guaranteed.
I've posted a chart last week voicing my confident in BTC breaking the 10 SMA and it is likely to break this weekend with a candle close/open below. This will initiate a move towards the 21 EMA weekly. This is the same area where the CME Gaps are located and there is a possibility of these gaps filling with a relief rally bounce to retest the 10 SMA weekly.
BTC has formed a symmetrical triangle and currently has broken this triangle on spotted chart to the downside with a measure move to 8,500 where a lot of confluences are lining up that this is the area to be looking out for a major relief bounce, and we can decide after bounce what BTC will do next at a later time.
At our current moment, if BTC decides to straight dive towards the 21 EMA weekly, you're looking at possible wick towards 7,500. Am I leaning towards that happening? I am more leaning towards the first option that the 21 EMA will travel upwards to meet price, rather than price to dive down to meet the EMA. But there is possibility that price can nose dive towards the 21 EMA, that'll be my second option.
Please do note, CME is closed for the weekend so price will not update til next week when it re-opens. This will leave another weekly gap to the upside which will get filled at some point in time.
If you like my analysis of the market and it helped you learn or made some money, please consider using my referral links.
deribit.com/reg-4097.5044
bitmex.com/register/RaKti4
I've posted a chart last week voicing my confident in BTC breaking the 10 SMA and it is likely to break this weekend with a candle close/open below. This will initiate a move towards the 21 EMA weekly. This is the same area where the CME Gaps are located and there is a possibility of these gaps filling with a relief rally bounce to retest the 10 SMA weekly.
BTC has formed a symmetrical triangle and currently has broken this triangle on spotted chart to the downside with a measure move to 8,500 where a lot of confluences are lining up that this is the area to be looking out for a major relief bounce, and we can decide after bounce what BTC will do next at a later time.
At our current moment, if BTC decides to straight dive towards the 21 EMA weekly, you're looking at possible wick towards 7,500. Am I leaning towards that happening? I am more leaning towards the first option that the 21 EMA will travel upwards to meet price, rather than price to dive down to meet the EMA. But there is possibility that price can nose dive towards the 21 EMA, that'll be my second option.
Please do note, CME is closed for the weekend so price will not update til next week when it re-opens. This will leave another weekly gap to the upside which will get filled at some point in time.
If you like my analysis of the market and it helped you learn or made some money, please consider using my referral links.
deribit.com/reg-4097.5044
bitmex.com/register/RaKti4
Note
I entered the wrong number on the left side chart for the 21 EMA weekly.
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