Hello fellas, I really think it is very important to keep giving you an update under this crucial circumstances of bitcoin and current crypto market.
Looking at the chart, We can see that currently the price is trending right at the confluence area between 0.5 fib levels and the 200 MA. This is clearly a relatively strong support for bitcoin. But, at current movement on lower time frame, I haven't seen any sign of bounce based on current price action. That's why I deduce on the new theory. Knowing that 200 MA is usually become a significant level to watch on every instrument, I really think that bitcoin should respect this support to at least doing dead cat bounce. But, we have to consider the wick fishing region too as the bear trap region on higher time frame.
We could see this wick fishing on daily candle or even the weekly candle. The anticipated wick fishing region could be around the green rectangle zone as a support zone based on price action on historical data. I do believe that the price will actually retest again the previous broken support around $9000 - $9400 as a resistance to confirm the phase 2 of my break out strategy before another downside movement.
Once I see a reversal pattern, I will try to catch long position on bitcoin. But for now, waiting is the best choice.
Looking at the chart, We can see that currently the price is trending right at the confluence area between 0.5 fib levels and the 200 MA. This is clearly a relatively strong support for bitcoin. But, at current movement on lower time frame, I haven't seen any sign of bounce based on current price action. That's why I deduce on the new theory. Knowing that 200 MA is usually become a significant level to watch on every instrument, I really think that bitcoin should respect this support to at least doing dead cat bounce. But, we have to consider the wick fishing region too as the bear trap region on higher time frame.
We could see this wick fishing on daily candle or even the weekly candle. The anticipated wick fishing region could be around the green rectangle zone as a support zone based on price action on historical data. I do believe that the price will actually retest again the previous broken support around $9000 - $9400 as a resistance to confirm the phase 2 of my break out strategy before another downside movement.
Once I see a reversal pattern, I will try to catch long position on bitcoin. But for now, waiting is the best choice.
