Long

BTC: Monitoring Key Confluence Level

Updated

Based on my indicator's calculation, the difference between the 70% and Upper 50% level is too narrow, and it could be considered as a confluence level. Frankly, I do not know yet what this could mean and what it is trying to indicate. But I am quite sure it could serve as main key level where we can probably expect a radical price behaviour. In the meantime, price will retest key levels as shown (15%, 30%, and 50%). I would place a LIMIT BUY order at these levels and expect the price to rebound to 43K level. A breakout of the 70% could push the price to 45K, breaking the resistance area.

/please DYOR/trade at your own risk

Note

It seems that a narrow distance between two key levels (or more) could indicate strong support or resistance. In this case, the confluence created by the 70% and Upper 50% level acted as a strong resistance zone. Notice that candles is trying to push the price upward but it can't go through these level. This could be the reason why the price was ranging for a while and just forming small candles (with narrow margin between the opening and closing price), until, the price retested the lower key levels to gather more momentum.

DexterMGarcia

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