Is BTC going to recharge before the next leg up?
(***DISCLAIMER: I'm not a professional trader, this is not financial advise, you shouldn't make any trade based on this idea***)
Hello there!
Looking at the BTC1! daily chart it seems that it hasn't been able to push through 200EMA (green line) and is now heading back.
I'm expecting a retrace above the strong support area (red rectangle) around lows 4k$, right where the yellow box is, between 0.5 and 0.618 FIB level.
I think the 50EMA (purple line) is going to act as a support, making the daily candle to close above it, even if a spike would probably pierce through,
falling inside the red rectangle.
If BTC manages to stay above aforementioned levels, it should be able to break 200EMA and reach the next major resistance zone between 5.8k$-6k$.
(I don't think it has the strength to do so right now).
Looking forward to see how things are going to unfold.
Hello there!
Looking at the BTC1! daily chart it seems that it hasn't been able to push through 200EMA (green line) and is now heading back.
I'm expecting a retrace above the strong support area (red rectangle) around lows 4k$, right where the yellow box is, between 0.5 and 0.618 FIB level.
I think the 50EMA (purple line) is going to act as a support, making the daily candle to close above it, even if a spike would probably pierce through,
falling inside the red rectangle.
If BTC manages to stay above aforementioned levels, it should be able to break 200EMA and reach the next major resistance zone between 5.8k$-6k$.
(I don't think it has the strength to do so right now).
Looking forward to see how things are going to unfold.
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Jokes aside, this is probably going to 5,8k$ and find some resistance over there, after that I'd like to see a retracement on 200SMA and another upward impulse from there.