We actually had this markup while at 95k. There was a huge imbalance around 80k and everyone in the discord community got this markup. We are nearing a floor of 75k per BTC. If it holds we will see a next big leg up to complete the Elliot 5 wave. If not then we may see 60k again. Let’s see
Top is in unless a new ATH, this is the start of a longer leg down. We had a great close over the 50% fib the last few days so i am ready for a bounce to reload shorts. It s tight stop, if we fail to hold above the 50% of this current move around 6030-6050 then the move is over and the leg down will continue. Also we could just take out this current low and go for 5800.
The total crypto market cap has retraced 1T dollars. This is a key level as it may be a new floor for us to move higher. This was a key resistance for years. Let’s see if it holds or goes to 2T. Very rare but let’s see.
Good Evening and I hope you are well. comment: Very important day tomorrow. Bulls made a new high and higher lows. A breakout above would certainly open the path to the ath-retest 23000. Bulls have defended the bull trend line so far and if bears just step aside enough, we could print a big green day. Bears need lower lows below 22280 to keep this neutral and continue sideways. They would also then have a chance of breaking below the bull trend line and testing down to 22000. Important this day was. Bulls followed-through as expected but came short of 22900 and a new ath above 23000. Again we have clear invalidation prices for both sides. Above 22750 bulls could try again and continue inside the current bull channel. Below 22550 the bull channel is broken and 22500 has to hold or we flush to 22400. Below 400 is 22k and I do think there is a decent chance we could close February below 22000. Be prepared for some EU trade war news and this could become a risk-off event tomorrow. current market cycle: bull trend until trend line is broken (daily close below 22300) key levels: 22100 - 23000 bull case: Was this a lower high major trend reversal? Bulls keep the bull channel alive if they stay above 22550ish. If they do, they remain in control and we could try another run at 22900 or a new ath. Biggest problem for them sits in the White House and we can expect some trade war related news tomorrow, which could be a big trigger for another sell-off. Invalidation is below 22550. bear case: Bears have a good setup to crash this down. Double tops on multiple time frames and a news event that could be a huge risk-off event. I have given invalidation prices for both sides, set up notifications and trade accordingly. Invalidation is above 22750. short term: Neutral until prices break above or below my given targets. I dream of a February close below 22000. medium-long term from 2024-02-26: As much as I would love to see this 30% lower, it’s not happening anytime soon. Market will probably has to move sideways for some weeks before this could go down. Daily close below 22000 is needed to turn this neutral and end the bull trend-. current swing trade: None trade of the day: Long above 22600 as given yesterday. Was good for 280 points.
Bullish on Daily TF. Beautiful Cup & Handle Formation on Shorter Time Frame. Crossing & Sustaining 174 will lead it towards 180 & then around 185-186. 170 - 170.80 may act as Immediate Support level. However, it should not break 160, otherwise we may witness further Selling pressure uptill 153 - 155
As I mentioned in my post yesterday, there was a possibility of the price dropping to the 0.5 Fibonacci zone, from which I expected active buying followed by a trend reversal for Bitcoin and the entire crypto market. The price of Bitcoin has dropped to the 0.5 Fibonacci level, and this was enough to trigger a reaction. We’ve already seen a +2,000 price bounce, and there may still be some volatility with price movements up and down, but a drop below 82k is unlikely. I’m waiting for the daily candle to close, after which I will consider my strategy for opening a position.
S&p 500 is under downtrend, FRED:SP500 . Expecting a big down move and stop loss is tight in this case.
analyzing Bitcoin’s historical support levels and RSI trends to determine ideal entry points. GETTEX:25K as a strong support level dating back to previous cycles. Other potential entry points based on chart indicators. Watching the 10-day RSI for a breakdown as a signal. 85% overwhelming selling pressure, which could signal a major breakdown if critical support is lost. IF THIS RSI BREAKS DOWN SEE YOU GUYS AT A BUYING OPPOTYUNITY OF 25K.
In my opinion, we are currently in a trading range, and the support and resistance levels are crucial for us until a breakout occurs. I place my buy limit orders based on my analysis
This morning I decided to try out a new symbol, even though it was a lost I still learned today, overall price action was ranging, but because Im a fundamental, technical trader I was able to see how each played a part in trades today. When trading this pair I know that I need to focus more on candle closures, unless its an impulsive move, today I learned to focus on candle closures, although I had a breakout from a consolidation, I entered impulsivly when all I had to do was wait on the candle to close below the last low and either wait on a retest or just place the trade, because I didnt over leverage I didnt have to worry about blowing my account, moving forward I will set alerts and be patient. I won today mentally!!