BTCUSD - Two ideas here
There's confluence of support around the 100 week EMA, the most recent strong supply zone, volume profile nodes, and a recent trend line. I showed some older trend lines, as well, just for reference. Those older trend lines broke, and now I'm curious to see what happens here.
If there's accumulation and a strong reversal from here, I think price can run up to around 50K.
If price drops through current support, I think we'll see the low 20K range. If support fails there, it's easy to get to 10K Bitcoin.
The current trend is down, and I'm pretty bearish on crypto and the major markets. Bitcoin's price is sitting at a critical level.
I'd have to see a strong move up through 50K to get bullish again, and even that could just be a triple top setup.
There's still plenty of room for the oscillators I like to move down with price. Alternatively, we may see price do very little, while the oscillators move higher as they reset for the next big move down. That's what I'm keeping my eye on.
Have fun, and be safe.
If there's accumulation and a strong reversal from here, I think price can run up to around 50K.
If price drops through current support, I think we'll see the low 20K range. If support fails there, it's easy to get to 10K Bitcoin.
The current trend is down, and I'm pretty bearish on crypto and the major markets. Bitcoin's price is sitting at a critical level.
I'd have to see a strong move up through 50K to get bullish again, and even that could just be a triple top setup.
There's still plenty of room for the oscillators I like to move down with price. Alternatively, we may see price do very little, while the oscillators move higher as they reset for the next big move down. That's what I'm keeping my eye on.
Have fun, and be safe.
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