So we're looking for BTC just rallying up, well my investing portfolio looks good, however, I don't like to trade in this kind of market, personally, I believe that retraces are more healthy for the price itself.
Well, looking at here, BTC reaching supply zones (78%), so I expect it to retrace at least to the first blue line since it holds some support there. If...
Looking for retrace at 61% Fib level, potentially lower, since it can reach to 50% and VWAP shows positive too. If so, we're looking at 3.6 ratio up until one of the first supply zones. (78%) If it goes below 61%, will wait for it to retrace to 50% and start to close above, we have an even longer move up until 78%
So we broke our 2.5k once again. My previous analysis for Flag Pattern did not exceed as I though it will, however, looking at the BUY entry point marked in Green Area (square) most probably at FIB 50%
Was looking at this for a week now, took longer than I thought, once it came down to 2300 so I thought that then it's going to go down, but it seems like we going to an end for now. In my opinion we can expect a one more major dip before running back up. Heads up on the weekend. RSI and Ichimoku Cloud shows selling pressure.
Turned on my charts today, was happy with the previous entry, however, noticed that it tested my demand zones twice already, and made a BEARISH indicator, price hoovering in the cloud and RSI shows that it's overbought. Looks like ETH wants to go up, but with these indicators and chart patterns, I would be very cautious of what's going to happen next, let's wait...
ETH broke the supply zone, and it seems like it wants to close above the supply zone, so will wait for it to confirm if it's want to go up or will test the supply zone again. If it goes up, I will look for entry just below my 0 zone, since the last high was made there, if it goes below, I will look for a 38% zone to enter or even lower than that.
I believe it's going to retrace at 38% where trend line and fib break each other before shooting up to the first supply zone and if it goes past that I put my TP2 zone at the previous resistance level.
Good entry point at $2532, previous supply zone, since it closed above that zone, I believe it's going to go down to retrace and then up to the first supply zone TP1, if it goes past that zone, TP2 is at the previous resistance level.
