BTC/USD : Where are we heading first ?
BTCUSD
BTCUSDTHello everyone 😃
Before we start to discuss, I would be glad if you share your opinion on this post's comment section and hit the like button if you enjoyed it !
#BTC has broke below the 47K's level and it just reached the lower order-blocks on most of the exchanges at 42K.
However most of the analyzers believes that the Ever-Grande fundamental cause the dive; But I believe that we had the sign on NVT signal's Indicator earlier !
Now it's moving below the FIB retracement 0.5's level and has been rejected by Higher S/R zone.
As we are holding below this zone, #BTC won't remain bullish in Short-Term and Mid-Term at all; But any hold above will give us this possibility to fill the Gap above...
CME gap has formed and it's located on ( $53490 - $49360 ) and so we all know that it we'll filled sooner or later; 96.7% of CME gaps has been filled since it's been started to run.
But as #BTC moving below the S/R zone, It'll be targeting the lower S/R zone located at $44500.00.
Also the master candle's half wick is located on $44245.00; So we can say that will be a fresh retest to gain the momentum to fill the CME's gap above.
📚 Why do I mentioned $44245.00 ? It's a little trick for price action scalpers to use the chance as a possible support level to gain advantage in short-term scalps !
For example you can take look on Sep.7th and Oct.13th candle's wick and how the next candle react to the shadow's below..
📍 Have to mention that in my side, the bull cycle is over for now and the bears have the powerful hand on the movement; So it's very possible for bears to cause another dive into $40550's main retest as the Demand zone is standing there !!
- Any break below 40K will charge charge the dump into lower mid-range channel to retest the bullish order-block located on 32K.
📊 Now you may ask your self what are the range channels and wick's half ? Follow me !
As you can see on the chart below, I mentioned the Moon-Lines and the wick's half as we're approaching them both.
You're able to see that #BTC is moving in a formed zones; This zones have 5 levels and we'll discuss about the Higher range zone and the Mid range zone !
Currently #BTC is moving in the Higher-range zone which means that the macro view is still suggesting the new ATH and bulls into advantage.
However the bias will be changed into neutral after we break below the $40550's support level !!
That's why I mentioned the 40K's Demand zone as our main retest zone before any major leg-up cause it'll be defended by bulls for 100%
Now that We talked about the support level and the pressure zones; It's the time to have a look into different FIB's chart; Deployed by logarithmic chart and logarithmic Fib !
📊 Is there any difference between log FIB and Linear FIB ( Classic FIB ) ?
Answer is yes; Why ? Cause if we look into the Linear chart, We'll notice that the $40550 level is below 0.618 FIB's level, Which means that the bull-run has been ended for surely good.
But on the Logarithmic chart below, You'll find-out that there's a FIB level located on the Demand zone we mentioned before 😉👇🏼
You can see that we still have the space to retest the lower levels on logarithmic chart and it's why I don't believe that we currently standing on the local dip.
We might experience and I would fill my bags for mid-term there !!
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Attention: this isn't financial advice we are just trying to help people on their own vision.
Have a good day!
Helical_Trades
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