BTC update
Hello people, I know it has been a bit frustrating as BTC has painted the second whipsaw trapping bears. Now as from my previous post I had the Stop Loss placed at 47k, so I've got chopped out. However, i managed to re-enter at 47500 on an hourly break. NOW... BTC is in a delicate situation. We had already breakout 2 supports, with one being a very important (ascending wedge), these are the 2 premature bearish signs. However, BTC has kept recovering showing the willingness of bulls to push the prices higher, still, the environment is not really healthy right now. Let's analyse the situation quickly. If we use the principle of the fan lines, we have now created the 3rd fan line (support, last dashed diagonal line highlighted). By definition of the fan line principle, the bull run finishes when the 3rd line (support) is broken. Nevertheless, now it still counts as support. As you can see in the chart I have highlighted also another confluence of supports from a previous resistance turned support, the horizontal previous res now turned support at 48200. We can expect BTC to bounce from there. BTC seems to be also forming an hourly Head n Shoulder but will only be confirmed when the price will approach the neckline. I am expecting BTC to retest at least the 50500 resistance and possibly stretch to 52000 as a target of the HnS continuation. My original target for this bull rally was 54 - 55k.
I am planning to do my FIRST live stream in the next day or so.
Comment below if you would like me to do the live stream.
I will be going over the whole BTC structure, giving an overall update on my thoughts and where I think we are standing right now.
If you like my content don't forget to FOLLOW ME, SHARE and LIKE it. you will help my public account to grow, but also you will help others to better understand markets and learn TA.
Have a great evening all.
I am planning to do my FIRST live stream in the next day or so.
Comment below if you would like me to do the live stream.
I will be going over the whole BTC structure, giving an overall update on my thoughts and where I think we are standing right now.
If you like my content don't forget to FOLLOW ME, SHARE and LIKE it. you will help my public account to grow, but also you will help others to better understand markets and learn TA.
Have a great evening all.
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