BTC back to 5k or 10.5k, what's your prediction? Check mine!BTC Analysis
DAILY
Still inline with the bullish trend line. The recent huge push down came back to trend before pushing back up again and closing with a juicy wick.
I think there are buyers still around but will they prevail, we need more structure in order to know.
I’m looking for a break and retest of the TL in addition to the 55/200 EMAs to change direction and start sloping down again. At the moment they look like they about to cross bullish but it still may not happen.
CCI is looking healthy, not over or undersold meaning BTC could still go either way at this point.
Let’s drop down to the 4 hour and see if we can get a clearer picture.
4 HOUR
55 EMA on the 4 hour is starting to slope down which is promising. The 200 is acting as support with a couple of wicks attempting to touch it. CCI is currently below the safe zone but heading back up.
BTC looks like it’s starting to range sideways between the 23&38 fibs acting as S:R. I’d like to see it sit here for a while and build some structure.
Im currently still in my short from before the drop with profit taken on 50% of my position and the other 50% still open with stops in profit and a load up at the 50 fib level. I will reassess if we get there.
I don’t have enough confidence in either direction right now as too many indicators are conflicting. If we get more bearish signals then I can see a drop possibly eventually to around 7700 then back to 5k if it keeps going. This will line up with order block, weekly trend line and -161.8 fibs so it makes sense to me.
On the other hand, if BTC pushes up past the 61.8, I’ll be taking profit on my short and expect a second attempt at the 9800 order block and if we push through that, next level would’ve around $10,500.
