BTC Long term TA 9k or 6900
This is my long term TA for BTC I did 2 weeks ago.
The dotted lines are the main trend lines of BTC.
As you can see BTC got rejected at 14k touching the trend line and the top of the BB and .65 fib level.
We can see BTC likes to play very well with Fib levels.
I am going to explain this chart in somer parts.
Using the BB indicator we can see BTC reached the top of the BB and got rejected in July and Aug for confirmation.
Typically after that the price goes down to the MA 20 at 6900.
Using Fib Levels BTC reached the golden pocket .618 fib level and .65 fib level all of them are critical for traders to enter in long or short. So I was expecting a rejection in that level I remember I entered in short from 13400 and I closed my short at 10k.
After BTC got rejected at .618 fib level I was expecting to see BTC testing .382 fib level and after 3 months in a symmetrical triangle finally BTC crashed that level.
This level was critical for continuation to the upside.
This level will act as resistance 9200 9400 area.
The RSI indicator + EMA 12,21 showed a death cross May 1st and as you can see we are still in red color and we are not close to have a golden cross, so it could be possible the bear market is extended.
For now it is to soon to say we are in a bear market.
But now the ky support who will change the macro for BTC is .236 fib level where is the MA 20 Monthly + EMA 21 Monthly if we have a monthly candle closed below that level that will be the beginning of another bear market.
If BTC can break and hold .382 fib level and the Weekly ema 21 this could be a massive bear trap but honestly I don't think so.
The reason is because the Monthly Stoch crossed with a sell signal.
If BTC breaks 7k-6800 USD support next target would be 5k- 4.5k.
The dotted lines are the main trend lines of BTC.
As you can see BTC got rejected at 14k touching the trend line and the top of the BB and .65 fib level.
We can see BTC likes to play very well with Fib levels.
I am going to explain this chart in somer parts.
Using the BB indicator we can see BTC reached the top of the BB and got rejected in July and Aug for confirmation.
Typically after that the price goes down to the MA 20 at 6900.
Using Fib Levels BTC reached the golden pocket .618 fib level and .65 fib level all of them are critical for traders to enter in long or short. So I was expecting a rejection in that level I remember I entered in short from 13400 and I closed my short at 10k.
After BTC got rejected at .618 fib level I was expecting to see BTC testing .382 fib level and after 3 months in a symmetrical triangle finally BTC crashed that level.
This level was critical for continuation to the upside.
This level will act as resistance 9200 9400 area.
The RSI indicator + EMA 12,21 showed a death cross May 1st and as you can see we are still in red color and we are not close to have a golden cross, so it could be possible the bear market is extended.
For now it is to soon to say we are in a bear market.
But now the ky support who will change the macro for BTC is .236 fib level where is the MA 20 Monthly + EMA 21 Monthly if we have a monthly candle closed below that level that will be the beginning of another bear market.
If BTC can break and hold .382 fib level and the Weekly ema 21 this could be a massive bear trap but honestly I don't think so.
The reason is because the Monthly Stoch crossed with a sell signal.
If BTC breaks 7k-6800 USD support next target would be 5k- 4.5k.
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