SIGNAL FOR $74,301 BTC
Updated
I am watching closely a strong candle close with above average volume and above 0.382 fib retrace for BTC. This will signal a change in momentum towards the upside with an initial target of $62,063 and final target of $74,301. As at the time of this publication, volume is decreasing, money flow is up at 0.21 and price is attempting a break of the 0.382 level. This analysis and observation will be updated soon.
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Great analysis and charting. BTC as at the close of 8/7/2024 could not close above the 0.382 fib retrace level signifying that more selling will resume and the next target range is $47,711 - $45,159 Trade active
Wow!! BTC moves are wild but it's still all on the charts. There is no crystal ball or clearer direction so we take it one step at a time.
Today, I am paying attention to price action around the $57,320 price zone. Clearly, we've tested the 0.618 fib retrace level with good rejection. Let's see if we break below the 0.382 fib support zone for more downward action or else this abc retrace to the 0.618 could turn into into a 1,2,3,4,5 pattern with a $64,154 target.
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It's been hard trying to figure out the pattern BTC was printing this past week. I had an ahaa moment today. The CME BTC chart had a huge gap down on 4 hours time frame that is now filled up. I think BTC will favor bears from this point on. Selling targets of $47,711 - $45,159 are still in view for the bears. Trade active
Since last update, BTC chart shows a very bearish chart settings. I still think technical analysis favor bears more than bulls currently. BTC has one more chance to clear shorts liquidity at $74,301 before the final salute for bulls, however I personally doubt it as I don't see indication for price to close strongly above the 200EMA on Daily charts.
KEY: Since Jan 20th, 2023 BTC has respected the 200EMA bullish rally EMA until now. This may be the beginning of more pain for the Bulls.
I will give a final idea update next week. Trade cautiously this week, risk and money management rules MUST be respected. Cheers !!!
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