BitcoinUpdated Bitcoin ($BTC) Upside and Downside Reaction Areas
Outlined are the key upward reaction points I'm watching for Bitcoin.
Everything is highlighted on chart.
When I say reactions-- I use these very simple levels as areas to watch lower timeframes (5m, 30m, 1HR) for momentum shift using the RexDog Trading System (not on chart).
Currently Bitcoin is momentum long with a roughly 5% upward impulse coming off 2 overlapping value channels.
The first VC lasting 12 days starting on August 7th had a 10% range with minor excess up/down rejections and with the 20th August PAC break to the upside near the top of the new range.
The last VC ranged 5% for 14D.
Important to note this last range was cointained withing a green PAC with limited up/down excess.
On the chart I have marked the key areas I'm watching for upside reactions.
- Weekly breakdown candle level
- 4D candle breakdown level
- Previous Value Channel middle level
I'll be watching lower timeframes for momentum shift using the RexDog Trading System.
Downside is really simple.
Watch for reactions both at VC range high, 50%, and range low.
50% is typically the most reliable area where price will revist for quick rejection.
Everything is highlighted on chart.
When I say reactions-- I use these very simple levels as areas to watch lower timeframes (5m, 30m, 1HR) for momentum shift using the RexDog Trading System (not on chart).
Currently Bitcoin is momentum long with a roughly 5% upward impulse coming off 2 overlapping value channels.
The first VC lasting 12 days starting on August 7th had a 10% range with minor excess up/down rejections and with the 20th August PAC break to the upside near the top of the new range.
The last VC ranged 5% for 14D.
Important to note this last range was cointained withing a green PAC with limited up/down excess.
On the chart I have marked the key areas I'm watching for upside reactions.
- Weekly breakdown candle level
- 4D candle breakdown level
- Previous Value Channel middle level
I'll be watching lower timeframes for momentum shift using the RexDog Trading System.
Downside is really simple.
Watch for reactions both at VC range high, 50%, and range low.
50% is typically the most reliable area where price will revist for quick rejection.
Note
avwap so far has held as low support. Price busted thru both outlined value channels. Still early in the day to see how this closes.Today's close isn't what is important. It's the follow on close and the day after that. Those closes will set the narrative going forward.
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