Hello guys, I want to share my idea of why we do expect a powerful bounce from 41-42k level. and why it is a good idea to put a long order at these prices:
1. there is 50 day Moving average at here which acted as a very strong support during the bullrun.
2. This is Fibonacci golden ratio here. that's right here is 1.618 Fibonacci level which is a very strong support level during the retracements
3. We have Pivotal point at 42k which is previous ATH which has stopped the bullish impulse previously and made one month downward consolidation in Bitcoin market which will act as support right now.
4. If we break down the 47.3 support level, there will be a gap in below prices in the visible range indicator until 41k level which you can see in the chart.
5. look at the hourly chart in the right; BTC has broken down from this rising wedge, and actually it is a bearish flag. guess what, the target of this bear flag is at 41k level
with all these reasons I will put a long order in the 41-42k zone Which I'll expect a strong bounce from that level, At least I'm pretty sure that a lot of traders will long it there in the direction of the main trend.
Do your own research and Do it at your own risk
1. there is 50 day Moving average at here which acted as a very strong support during the bullrun.
2. This is Fibonacci golden ratio here. that's right here is 1.618 Fibonacci level which is a very strong support level during the retracements
3. We have Pivotal point at 42k which is previous ATH which has stopped the bullish impulse previously and made one month downward consolidation in Bitcoin market which will act as support right now.
4. If we break down the 47.3 support level, there will be a gap in below prices in the visible range indicator until 41k level which you can see in the chart.
5. look at the hourly chart in the right; BTC has broken down from this rising wedge, and actually it is a bearish flag. guess what, the target of this bear flag is at 41k level
with all these reasons I will put a long order in the 41-42k zone Which I'll expect a strong bounce from that level, At least I'm pretty sure that a lot of traders will long it there in the direction of the main trend.
Do your own research and Do it at your own risk
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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.