Quick analysis of BTCUSD downside targets. Remains to be seen whether the near-term Bitcoin lows will hold, but if they don't, a "bear trap" setup could be in play. There's a daily demand zone (77075-74305) wedged between the 50% and 61.8% Fibonacci retracements. The bear trap will be dependent on momentum, but watch this area if we get a flush below 78180. If bullish divergences form, bulls could look to trap bears and buy within said range.
That said, keep the focus on longer-term charts. Larger timeframe buy zones are ~70K. Should the weekly RSI take a dive < 40, look for reversal signals on smaller timeframes before getting long. The high of the corrective segment denoting ideal buys is 73808 and the anchor low securing the long-term uptrend is 49351. Entries within that range, which is wide, are viable. Also multiple support/resistance "flip zones" in play circa the abovementioned levels.
Bitcoin found some support ~50% Fib retrace, anchored VWAP, and sub-daily demand. It could hold here (trying to put in a intraday higher low as I type this), but I'm hoping it trades lower before higher.
Godspeed!
JHart
That said, keep the focus on longer-term charts. Larger timeframe buy zones are ~70K. Should the weekly RSI take a dive < 40, look for reversal signals on smaller timeframes before getting long. The high of the corrective segment denoting ideal buys is 73808 and the anchor low securing the long-term uptrend is 49351. Entries within that range, which is wide, are viable. Also multiple support/resistance "flip zones" in play circa the abovementioned levels.
Bitcoin found some support ~50% Fib retrace, anchored VWAP, and sub-daily demand. It could hold here (trying to put in a intraday higher low as I type this), but I'm hoping it trades lower before higher.
Godspeed!
JHart
Trade active
Calling it a night, but 
BTC tagged daily continuation demand ~77K. Good for a bounce so far.Have to do more research, but investors/traders will either see a strong recovery across risk assets or a "dead cat bounce" followed by another bearish impulse. Per the larger timeframe crypto/stock index charts, I think the latter is, unfortunately, more likely. I can't say that with confidence though as more analysis/charting is req'd.
Back to it tomorrow! Additional updates as soon as I can.
Note
BTC BTCUSD saw a decent bounce from daily demand, but rolled over at opposing daily supply. Opportunistic longs should tighten stops/manage positions as Bitcoin and crypto more broadly appear poised for another bearish impulse. I'm just getting back into the swing of posting, but Bitcoin's monthly chart suggests that we could trade down to $70K without issue. This is, obviously, not good for bulls. Momentum oscillators can be very helpful in an environment like this. If weekly RSI breaks below 40, be careful establish new long positions; daily RSI suggests weekly < 40 is probable. This is not a time to blindly BTFD.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.