BitcoinUpdated Bitception: 1 Resistance to 9400, BUT 4 Supports Below 7800
Hello Peeps! =D
WOW! so the short squeeze happened, if we look at the BTCUSDSHORT graph (type in top right on your tview charts)), we could see that number of Bitcoins shorted went from 40k to 27k (30+% down) in 2 hours, and hit a low at 23k.
However, what's next?
Looking at the graph, we see that the BTC is above the Bear Channel, and was above the trend line that links last two huge drops (Feb 6 -6k BTC, and March 18 - 7.3 Btc, but quickly went under it and now testing the 200EMA on the 4 hourly chart.
Short term, the market could go either way really, but longer term the sentiment is still down (Top TAs in TView predict down, and they have 10's of thousands of followers combined, other tools that look at market sentiment such as Cindicator bot point to the same direction)...Sentiment is very important because this means all these people see this bull run as an opportunity to sell their remaining cryptos and even go short on BTC at main resistance levels such as fibonacci at 9400
Upward I think Btc can go as high as 9400, I think that's the max I'm giving it. If it goes above that it'll follow 10k and 11.4k...which would definetely make Biitcoin look bullish...hence if a big candle explodes through 9400 with big volume, I'm buying alts until Btc reaches 11.4k and see what happens there.
But most probably Btc will struggle at 9400, if not even earlier with the upward sloping trendline.
The thing ism now there's alot of support below BTC, 200EMA right now, the 2 other EMAs, the bear channel line at 7500, and fibonacci at 7000.
I gotta admit, anything can happen now between 9400 upward and 7000 downward BUT to reeach 9400 there's 1 resistance in its way (the up sloping black line) but to go to from 7.8k to 7k there's 4 resistances. Make of that what you will peeps!
Let me know what u think in the comments section below and let's have opinions of everybody thrown in, like at a fun debate!
WOW! so the short squeeze happened, if we look at the BTCUSDSHORT graph (type in top right on your tview charts)), we could see that number of Bitcoins shorted went from 40k to 27k (30+% down) in 2 hours, and hit a low at 23k.
However, what's next?
Looking at the graph, we see that the BTC is above the Bear Channel, and was above the trend line that links last two huge drops (Feb 6 -6k BTC, and March 18 - 7.3 Btc, but quickly went under it and now testing the 200EMA on the 4 hourly chart.
Short term, the market could go either way really, but longer term the sentiment is still down (Top TAs in TView predict down, and they have 10's of thousands of followers combined, other tools that look at market sentiment such as Cindicator bot point to the same direction)...Sentiment is very important because this means all these people see this bull run as an opportunity to sell their remaining cryptos and even go short on BTC at main resistance levels such as fibonacci at 9400
Upward I think Btc can go as high as 9400, I think that's the max I'm giving it. If it goes above that it'll follow 10k and 11.4k...which would definetely make Biitcoin look bullish...hence if a big candle explodes through 9400 with big volume, I'm buying alts until Btc reaches 11.4k and see what happens there.
But most probably Btc will struggle at 9400, if not even earlier with the upward sloping trendline.
The thing ism now there's alot of support below BTC, 200EMA right now, the 2 other EMAs, the bear channel line at 7500, and fibonacci at 7000.
I gotta admit, anything can happen now between 9400 upward and 7000 downward BUT to reeach 9400 there's 1 resistance in its way (the up sloping black line) but to go to from 7.8k to 7k there's 4 resistances. Make of that what you will peeps!
Let me know what u think in the comments section below and let's have opinions of everybody thrown in, like at a fun debate!
Note
Oh goodness, how ignorant of me...there's 3 resistances to reach 9400, the other 2 are the 50EMA on the DAILY chart at 8300, and 200 EMA on DAILY at 8700.
and let's not forget, the death cross (daily 50 EMA went below 200 daily EMA) took place on April 3, so we're basically super bearish given that
Good Luck!
Note
Hmm, Does anyone know how I can post a graph in here and not the link to the graph.If you haven't noticed, I'm new to Tview XD
Note
Look at that fight at the borders of the upward black trendline on the 1H chart.It looks like the bulls want to take over it as a support.
Next few candkes are going to test it as support, if confirmed, Bulls can move up to the 8300 level, trying to conquer the daily 50EMA too
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