BTC Closing In On Channel Floor. Will It hold OR is $3000 Next??
Updated
Price is approaching the lower floor of the large channel. If broken
we are looking at a move towards the ultimate support, as I call it,
since it is the Yearly S1 and the Weekly upper Kumo Cloud support.
If that is broken, we are sort of closing in on the event horizone of
the black hole. The way the Monthly S1 just gave a bounce visible
on intraday charts, is worrysome for bulls. Still no real support
detected, just some hesitation around the SMA200 on the daily chart,
which I have put up as resistance, if we do see a bounce.
Support:
5500 S/R level (Channel floor)
4900 88.6 Fib/ ABCD D-level
4200 Montly S2
3000 Ultimate S/R, Weekly Cloud support/ Yearly S1
Resistance:
8000 Support level/ SMA200
we are looking at a move towards the ultimate support, as I call it,
since it is the Yearly S1 and the Weekly upper Kumo Cloud support.
If that is broken, we are sort of closing in on the event horizone of
the black hole. The way the Monthly S1 just gave a bounce visible
on intraday charts, is worrysome for bulls. Still no real support
detected, just some hesitation around the SMA200 on the daily chart,
which I have put up as resistance, if we do see a bounce.
Support:
5500 S/R level (Channel floor)
4900 88.6 Fib/ ABCD D-level
4200 Montly S2
3000 Ultimate S/R, Weekly Cloud support/ Yearly S1
Resistance:
8000 Support level/ SMA200
Note
It seems to clinge to the 6500 level, which is the 78,6 Fib and the Weekly S1, but no real reaction upward yet.
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