Bitcoin potential reversal zone: where to go long?
We had a breakout of the descending channel next to the 49k key level, after that we tested this trend line but the bounce is weak and still in consolidation phase.
The on chain data are still looking bullish and there is no any strong signs of looking to exit the market.
We can see that we have a big support at 45500$ / 45700$ which was tested almost 8 times and still no big movement. This is not looking good and I think we may have a squeeze before the expected bull run.
Looking at the past, the actual consolidation seems to be very similar to that one we had in june/july. We tested many times the 31k$ price level and at the end we had a squeeze about 5% down till 29300$ before the bull run.
We have the 61.8% fib retracement level (golden pocket) around 44k$ which is the single most respected reversal zone. So if we break below the 45500$, I expect the 44k$ key level to be a potential reversal zone.
Entry: 43800$ - 44200$
SL: 42900$
TP1: 48900$
TP2: 53665$
TP3: 59500$
The on chain data are still looking bullish and there is no any strong signs of looking to exit the market.
We can see that we have a big support at 45500$ / 45700$ which was tested almost 8 times and still no big movement. This is not looking good and I think we may have a squeeze before the expected bull run.
Looking at the past, the actual consolidation seems to be very similar to that one we had in june/july. We tested many times the 31k$ price level and at the end we had a squeeze about 5% down till 29300$ before the bull run.
We have the 61.8% fib retracement level (golden pocket) around 44k$ which is the single most respected reversal zone. So if we break below the 45500$, I expect the 44k$ key level to be a potential reversal zone.
Entry: 43800$ - 44200$
SL: 42900$
TP1: 48900$
TP2: 53665$
TP3: 59500$
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.