BTC - Everything to Know (sub $100k)
Here is a comprehensive update to our previous two BTC posts:
There are so many bullish narratives that is hard to even hope for a pullback, but when that pullback does come we just want to be aware of what to watch for. Hopefully this post can give the best read on what to expect if we see profit taking sub 100k.
In our previous 2 posts we were monitoring BTC's bull flag for a breakout. Eventually we got the breakout which lead to our fib extension target of 98.4k. Now are seeing some profit taking as the strength index are starting to show slight signs of weakness on the lowertimeframes.
Therefore, if we create a short term top sub 100k then here is what we should watch for.
The first thing to take note of is how the 0.236 has already acted as a low before the rebound potentially validating this fib trend.
The two level I have circled in yellow could be buy/rebound targets if price reaches them.
the 0.382 around $93.3-93.6k and the 0.618 around 90k. Both these targets are interesting as the 0.382 around 93.3k could act as a test of old micro resistance being flipped into new support and the 0.618 could act as a psychological level of 90k.
If we somehow get a major flash crash we could look towards our fibonnaci extension target to the downside around 76.8k. This is in line with a bunch of our previous post outlining the best buying level if we are able to dip that far.
On the contrary, if BTC start breaking past 100k these levels will change and I will update them accordingly. Happy trading!
There are so many bullish narratives that is hard to even hope for a pullback, but when that pullback does come we just want to be aware of what to watch for. Hopefully this post can give the best read on what to expect if we see profit taking sub 100k.
In our previous 2 posts we were monitoring BTC's bull flag for a breakout. Eventually we got the breakout which lead to our fib extension target of 98.4k. Now are seeing some profit taking as the strength index are starting to show slight signs of weakness on the lowertimeframes.
Therefore, if we create a short term top sub 100k then here is what we should watch for.
The first thing to take note of is how the 0.236 has already acted as a low before the rebound potentially validating this fib trend.
The two level I have circled in yellow could be buy/rebound targets if price reaches them.
the 0.382 around $93.3-93.6k and the 0.618 around 90k. Both these targets are interesting as the 0.382 around 93.3k could act as a test of old micro resistance being flipped into new support and the 0.618 could act as a psychological level of 90k.
If we somehow get a major flash crash we could look towards our fibonnaci extension target to the downside around 76.8k. This is in line with a bunch of our previous post outlining the best buying level if we are able to dip that far.
On the contrary, if BTC start breaking past 100k these levels will change and I will update them accordingly. Happy trading!
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