BTC has reached a major line of support here and it could be bad news for the bulls... IF, we can maintain control of this area and make our way back up and over 9250 and that minor supply block.
ON THE SIDE OF THE BULLS:
1/ We have pierced demand (as we have 2 times before (08/11 & 9/11), where we saw a short-lived rally up to supply @ $9156.
2/ We also have a strong support at the 61.8 fibs, where we previously up to that 10.5k mark on 26/10
3/ We've got this wedge pattern playing out, which could indicate a break upwards to re-test that supply zone
ON THE SIDE OF THE BEARS:
1/ We've got some pretty major cloud resistance, which has been respected a LOT of times since late OCT.
2/ A strong daily bear candle and very little volume being injected
3/ No real confirmation from our steamroller or ichi indicator that we've got a bullish move in us.
If we can't maintain this position and demand block, low 8's are seemingly on the cards.
Right now we're seeing some good alt rallies, but don't get fooled thinking alt season is here just yet, keep your eyes on BTC and wait for a solid confirmation of a rally either way before placing your bets in our opinion.
ON THE SIDE OF THE BULLS:
1/ We have pierced demand (as we have 2 times before (08/11 & 9/11), where we saw a short-lived rally up to supply @ $9156.
2/ We also have a strong support at the 61.8 fibs, where we previously up to that 10.5k mark on 26/10
3/ We've got this wedge pattern playing out, which could indicate a break upwards to re-test that supply zone
ON THE SIDE OF THE BEARS:
1/ We've got some pretty major cloud resistance, which has been respected a LOT of times since late OCT.
2/ A strong daily bear candle and very little volume being injected
3/ No real confirmation from our steamroller or ichi indicator that we've got a bullish move in us.
If we can't maintain this position and demand block, low 8's are seemingly on the cards.
Right now we're seeing some good alt rallies, but don't get fooled thinking alt season is here just yet, keep your eyes on BTC and wait for a solid confirmation of a rally either way before placing your bets in our opinion.
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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.
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.