From what I see on a daily. We have not much hope for a big reversal or change in trend. But neither i can see us going further low.
First FA:
We have taken out our Feb lows and made an SFP (swing failure pattern). At this point, there was a lot of liquidity that caused this pump we saw recently. But don't think that 300$ up is how the bottom looks like. Interesting that after this swing failure we have bounce exactly from the support level where our most crazy parabolic move started in November ( marked as the last line of support). Another good argument for the Bulls is that we just had 3 weeks of red that is happened only a few times with BTC and next week we will see some green.
Currently, we are sitting in the bullish OB from October 2017. and at the moment we didn't break it and we didn't break the market structure. Failure of this OB retest now will be a great point to short further on the way down. Any move below our last line of support at 58 levels can send us to lower 5s or even to higher 4s as we have a huge volume profile gap and price gap from the pump in October. Those gaps need to be filled as they don't have usually strong support or price action inside. I would watch weekly close and i think we will have our TR 58-65 for the next week.
First FA:
We have taken out our Feb lows and made an SFP (swing failure pattern). At this point, there was a lot of liquidity that caused this pump we saw recently. But don't think that 300$ up is how the bottom looks like. Interesting that after this swing failure we have bounce exactly from the support level where our most crazy parabolic move started in November ( marked as the last line of support). Another good argument for the Bulls is that we just had 3 weeks of red that is happened only a few times with BTC and next week we will see some green.
Currently, we are sitting in the bullish OB from October 2017. and at the moment we didn't break it and we didn't break the market structure. Failure of this OB retest now will be a great point to short further on the way down. Any move below our last line of support at 58 levels can send us to lower 5s or even to higher 4s as we have a huge volume profile gap and price gap from the pump in October. Those gaps need to be filled as they don't have usually strong support or price action inside. I would watch weekly close and i think we will have our TR 58-65 for the next week.