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Monthly TF 4820 incoming.. Good luck and safe trade
wall streeet is looking very bearish. tomorrow i will look for first peak. second to be lower. third to take liquidity . fourth low will be the BOS. fith peak should respect the range of two and three. and we should see a nice close below Thursday new York session
Bitcoin at a Critical Support Level: 80,634.1 ? Bitcoin is currently testing a pivotal support at 80,634.1. A break below this level could trigger a rapid decline toward 76,123 ?. General Trend The overall trend appears clearly bearish ?. Recent candlestick patterns show noticeable downward momentum, especially in the short term. Support and Resistance Levels • Key Levels: Multiple clear support and resistance zones are visible on the chart, with horizontal levels standing out. • Support Levels: Watch 80,634.1, 76,123.0, 74,303.1, and 71,821.0 ?. These are potential bounce-back zones. • Resistance Levels: Former support levels have now flipped into resistance, adding pressure overhead ?. Very important ? RSI Indicator The Relative Strength Index (RSI) is showing a low value, suggesting Bitcoin may be in oversold territory ?. This could hint at a potential upward reversal soon ⬆️. Conclusions • The market is in a clear bearish phase, possibly nearing oversold conditions ?. • The support levels mentioned could act as reversal points ?. Keep an eye on trading volume and other technical indicators for confirmation of any potential reversal signals ?.
Monthly TF is bearish cycle..I am looking 16771.. Good luck and safe trade
A continuation of the initial value rotation, GP reject short after the 0.75 to 0.5 rotation and GP pivot. Sloppy entry, trend continuation. TP1 was 80400, after tapping 79900 and starting to pull back, I decided to close trade as SNP was starting to reverse as it pixeled the lowest gamma. On PPI day SNP is a huge influence and it was headed to VWAP which was very far away and a potential pullback to GP would result in a roundtrip.
Continuing the previous analysis, the end of the downward trend of Bitcoin is the support area of $72,000. Then, according to my prediction, Bitcoin will leave the descending channel and pass the resistance areas of $9,000, $100,000, and then $108,000. At the end of the upward trend, Bitcoin will reach its king at the price of $13,000 in this period. Of course, it should be considered that any tension and conflict between Israel and Iran will cause selling pressure in the Bitcoin market and buying in the gold market. But due to the erosion of verbal tensions, the market will not pay attention to it after the $72,000 correction. Wishing you happiness.
Good Evening and I hope you are well. comment: Bulls can’t get anything going that’s not sold heavily. I can’t see this not closing at the lows tomorrow. The target is obvious, 2024-09 low at 18867. The tight bear channel started at 22245. This selling without any meaningful bounce is so weird and overdone, it’s hard to grasp. We went from melting higher on literally any news to not being able to close green on a week where news were all in line or not bad. I can not take this as a W1 of a new bear market where my next target is likely 18000 for W3 and 16000 for W5. current market cycle: trading range - only daily closes below 20000 mark the end of this bull trend key levels: 19000 - 21000 bull case: Easy as pie to write. Bulls need anything above 19800. Anything below is much more likely to that we sell hard again, since it’s not stopping. Bulls can not trap any bears and are quick to give up on any selling pressure. Best for bulls would be to stay above today’s low and make another higher low above 19165. Weekly close above 19500 would surprise me big time. Invalidation is below 19140. bear case: Bears are really overdoing it. A 5-10% up move is around the corner I think. Next target below is the September 2024 low at 18867, which aligns somewhat with the current bear channel. The channel is the dominant feature right now, so trade it. My base assumption for tomorrow is another try by the bulls and heavy selling into the weekend. Would not be surprised if we close the week below 19000. Invalidation is above 19600 but bulls need something above 19800 if they want further upside. 19600 is just the break of the bear channel. short term: Can only be neutral for now. Having a bullish bias but bulls are not doing enough for now. I wait. 20k is my first target. Nothing changed. Selling down here is not for me. medium-long term - Update from 2024-02-23: Will update this on the weekend. Bear trend has started. trade of the day: Yeah. Globex printed the high of the day early and market could not get above it or 19600 for that matter. I thought a trading range day was much more likely and we had decent two-sided trading but bulls are running for the exists and just want out. 6 x 1h bars that struggled to stay above 19550 was the cue that we likely test down again.
BTCUSDT: Possible sell setup. Watch the candles at the selected area. If you see good rejection, Sell. Cheers