Bitcoin key area
Bitcoins ~100% run in 14 days has seen it run through resistance areas with ease, but will this momentum carry it through this key area? Currently broken the 38.2% retrace (17/12 -> 6/2)
Slightly beyond those levels we have the 50% retrace at 12.7k which was also a support area throughout late december/early january.
I remain bullish on making that 3rd wave but worth noting the divergence on 4h RSI
30 min chart (break/retest should act as short-term support)
- 100DMA
- Rough Parallel channel off 17/12 -> 6/1
- Upper pitchfork line
- Previous support area throughout mid/late January
Slightly beyond those levels we have the 50% retrace at 12.7k which was also a support area throughout late december/early january.
I remain bullish on making that 3rd wave but worth noting the divergence on 4h RSI
30 min chart (break/retest should act as short-term support)
Note
Potential break of R1 targeting a strong zone median pitchfork and long term trend lineNote
Coming into this key area now which is also the weekly R1Note
That was a rather strong reversal to that areaNote
Some weird shake out at key res, dumping across all cryptos.Found some support at previous resistance area / s1, see if prev support zone turns into res.
Note
Testing what was the support zoneNote
What happened in wave 1 looking pretty similar to what is happening nowNote
Downside supNote
At the trend line
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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.