XBTUSD following simple TA to 7600
Updated
XBTUSD following simple TA really.
Im expecting a bounce off 50 fibs to the next order block area at around 7600 before a harsh drop to 4k region.
A series of HL’s & HH's since 13th of March showing steady bullish momentum. When the bears decide to fight back, they bring us back to the current uptrend line, creating nice & steady upwards momentum. CCI also getting close to over sold so expecting that to drop just a little more before the next push up.
Currently sitting below the 200MA on the 4hour with 100MA acting as resistance. The 25 MA lines up again with 50 fibs and close to current trend line and is currently acting as support. Im hoping for another attempt at the 5700 region for a nice long entry to 7600 short term.
We’ve also wicked off 50fibs once which lines up with the trend line giving me hope the bulls are still around at least until the next order block at 7600.
Do I think they’ll succeed past there? Time will tell. Until there’s more market structure I think a touch on 7600 will send us back down to 4k region at least.
I’m hoping for a second touch on the 50 to take a long to 7600 then look for rejection off that.
Stay safe out there!
Im expecting a bounce off 50 fibs to the next order block area at around 7600 before a harsh drop to 4k region.
A series of HL’s & HH's since 13th of March showing steady bullish momentum. When the bears decide to fight back, they bring us back to the current uptrend line, creating nice & steady upwards momentum. CCI also getting close to over sold so expecting that to drop just a little more before the next push up.
Currently sitting below the 200MA on the 4hour with 100MA acting as resistance. The 25 MA lines up again with 50 fibs and close to current trend line and is currently acting as support. Im hoping for another attempt at the 5700 region for a nice long entry to 7600 short term.
We’ve also wicked off 50fibs once which lines up with the trend line giving me hope the bulls are still around at least until the next order block at 7600.
Do I think they’ll succeed past there? Time will tell. Until there’s more market structure I think a touch on 7600 will send us back down to 4k region at least.
I’m hoping for a second touch on the 50 to take a long to 7600 then look for rejection off that.
Stay safe out there!
Trade active
Taking longer than expected but still on track. Now that we are closer to the supply block, I have updated my projection here: 
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.