BTC/USD : Most important level to hold; Where are we heading ?

٢٦ ديسمبر ٢٠٢١

BYBIT:BTCUSDBTCUSDT

Recently we had a bounce above $50796 and it's also broke above Daily EMA200 !
Now it's been rejected because of the hourly candle close below $50796 and it's located one Daily EMA200 and EMA 33/55 cloud.

The main idea is still can be bullish because of the support from $49500's S/R line and the EMAs below.
But any confirmation below $49500 will lead the pair into lower S/R zone and the lower support zone at $46600.

So it's very suggested to have a look on #BTC's movement in weekend and tomorrow's range because it can push the pair above $51800 ( Main resistance RN ).
How it can push the pair above $51800 ? It's simple; Because of the current gap forming in weekend !

📚 Also we can have another overview on the chart By adding the Supply/Demand zones and order-blocks :

As you can see on the chart there was a supply formed below $52000 and it just rejected the pair below the $50600's S/R level !
Now it's located above S/R line; We can say that If we get rejected again, We might retest the lower bullish order-block and the other S/R line at $48000 and continue our path to sweep the higher 2D's FVG and fill the gap above.

- Also we can track our bears into the Wick's mid or lower H12's Demand at $40550 !
So there're many scenarios being activated by losing any level to level.


📊 Then how I would play the chart ? Follow me 👇🏼
Based on On-Chain data that I gathered; The Estimated leverage Ratio has reached new high in last two years by passing above 0.2088 and now it's standing at ~0.2116 !
Which means that there're many Over-Leveraged positions that we need to be cleared.
So I would wait for any confirmation above $51800's resistance or any retest into $48000's support..

Also I'll be looking for today's EMAs to react !
But my main levels for now are :

📈 Supports :
$49500
$48200
$45500
$44250
$42000
$40550

📉 Resistances :
$50800
$51800
$53400
$56000
$57800
$59500

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Attention: this isn't financial advice we are just trying to help people on their own vision.

Have a good day!
Helical_Trades