As I have been posting in these "Ideas" for the past few weeks about market direction and where the price for BTC will go. It now has come to pass where the 200 EMA has been tested and support has been found, It however has not generated any relief among buyer sentiment unable to push price above the previous days close leaving the digital asset to continue to bleed out and cause positions from all the 93k Bulls to liquidate.
Its a shame people cannot make the connection that the only way price can go higher is to go lower in a market. That Is why I am going to warn people about where we may go , I believe the 200 EMA will be tested again and if support is broken it will send is into the low 70k area where there are open orders and It is possible this may happen. The Bull market support band is the 200EMA however there may be institutional money that may drive us down to cause massive liquidations and fear and panic among those holding bags while greed causes big players to push more into the fringe of where we can maintain a recovery.
Watch for a retest of the 200EMA . which is a bit of a fuzzy zone , use the high and low to denote the area for support as well as keep an eye on the RSI and CCI , we are also watching on balance volume drop off which is not a great sign that there is market confidence however this will play out over the weekly and the weekly candle will start to materialize in the next few days.
Its a shame people cannot make the connection that the only way price can go higher is to go lower in a market. That Is why I am going to warn people about where we may go , I believe the 200 EMA will be tested again and if support is broken it will send is into the low 70k area where there are open orders and It is possible this may happen. The Bull market support band is the 200EMA however there may be institutional money that may drive us down to cause massive liquidations and fear and panic among those holding bags while greed causes big players to push more into the fringe of where we can maintain a recovery.
Watch for a retest of the 200EMA . which is a bit of a fuzzy zone , use the high and low to denote the area for support as well as keep an eye on the RSI and CCI , we are also watching on balance volume drop off which is not a great sign that there is market confidence however this will play out over the weekly and the weekly candle will start to materialize in the next few days.
Note
BTC will have to react once at the 200EMA , If support holds than it must set a higher high or it will revisit the 200ema and support may not hold. If 200ema support doesn't hold the 74k area is the .618 which will be a strong support and in line with where the fair value gap on the weekly was set on the fast price increase leaving unfilled orders that smart money market makers are looking to move towards to take advantage of liquidated positions and panic sellingNote
The FVG at 81700 may be the low as it may be as low as the market can go currently before buying pressure takes over from sellers. Price reaction to current conditions will require confirmation to inject confidence into buyers to get the price to once again start trending upwards.
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BTC was indeed liquidity hunting and should be at the bottom of the trend in downward price momentum. Watching the Daily close for retest of the 82-83k before BTC price either recovers or crashes through the floor on its way to 74k , There is a very good chance given the current news cycle that 74k is in play however i find myself somewhat attached to the idea that max pain "for now" has been reached and that price will trend upwards
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slowly going to climb and then fall . btc will be in the bearish rising pennant and most likely exit and retrace the 84 to 82k level again before slowly moving back to the mid and high 80s
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fvg to 73 600 , low and that will be our new bottom. I will open a long and start a new post once there Note
market is in a bit of an equilibrium where there is alot of indecision. the Tariffs and stock prices losing value have alot to do with things. I'm going to be watching for any more foundational indicators however it may be that the bottom is in ???? If not we still could see low 70s Note
l.ooking very much like we ar heading towards the low fvg 73350
git some
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git some
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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.