Bitcoin Daily review - wheres the support
So, the expected BTC pull back has begun and everyone is wondering just where will that pull back Stop
We have a number of points to watch out for, the 1st one, as mentioned in a very good article in Trading View. is the B.I.D Wall which is set around 22250. Currently, this could be consodered the last line of defence from the Bulls before a bigger drop maybe seen. This is marked in my chart as the Green Dashed Line and as you can see, just below the current Candle, it intersects with the Lower trendline that has its origins at the Bottom of the FTX Drop. This alone give me some good feelings
The 382 Fib retracement line is below the B.I.D and the 382 is generally considered a strong Support, so that totals 3 lines of support in a very close proximity
We also had a Golden Cross last weekend but being a 50 and 200 Day average, it is very laggy and has obviously Not Stopped this drop happening, which is why I am considering this Drop, NOT a Bearish thing but more Bullish
The PA was getting overbought and needed to cool off, ready to react well to the next FED ( DXY support group) Rate rise.
Currently, the MACD is dropping but it is the RSI and StochRSI that are nearing oversold now. We may have to wait a little longer for MACD to get there and this may lead to PA Ranging in its current range
Should PA drop below all these, the next real level os the 2017 ATH line ( Blue) and even if we go there, it is still way above the level we were at witht e FTX drop.
So, remain BULLISH, Keep sentiment high and ACCUMULATE MORE
We have a number of points to watch out for, the 1st one, as mentioned in a very good article in Trading View. is the B.I.D Wall which is set around 22250. Currently, this could be consodered the last line of defence from the Bulls before a bigger drop maybe seen. This is marked in my chart as the Green Dashed Line and as you can see, just below the current Candle, it intersects with the Lower trendline that has its origins at the Bottom of the FTX Drop. This alone give me some good feelings
The 382 Fib retracement line is below the B.I.D and the 382 is generally considered a strong Support, so that totals 3 lines of support in a very close proximity
We also had a Golden Cross last weekend but being a 50 and 200 Day average, it is very laggy and has obviously Not Stopped this drop happening, which is why I am considering this Drop, NOT a Bearish thing but more Bullish
The PA was getting overbought and needed to cool off, ready to react well to the next FED ( DXY support group) Rate rise.
Currently, the MACD is dropping but it is the RSI and StochRSI that are nearing oversold now. We may have to wait a little longer for MACD to get there and this may lead to PA Ranging in its current range
Should PA drop below all these, the next real level os the 2017 ATH line ( Blue) and even if we go there, it is still way above the level we were at witht e FTX drop.
So, remain BULLISH, Keep sentiment high and ACCUMULATE MORE
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