BTC has a tendancy of suprising everyone how do we profit of that ?
this is just to give you guys an idea of possible key levels to watch and the reaction that could happen if these levels are broken.
I believe we will go up from here but have prepared for both a bearish and bullish scenario.
bullish'
A. We have broken over a key level around $49 700 which could now offer good support
B. we are slowly making a way back up to the key level of $53 000
C. The RSI has seen decrease in strength ever since the second ATH @ $65 000, the strength was lower after hitting a higher price of $69 000 keep that in mind. The RSI is now bordering on over sold, if we are to bounce now would be a perfect time.
D. support from 2020 is where the price saw a massive bounce back to the upside @ $42 000
Bearish
A. A huge rising wedge formation taking data from 2018, even though we could EASILY still get to $80 000 and still be within this wedge, we could still be trading within this wedge till april next year and even longer.
B. If we fail to break the long term RSI resistance we will most likely dip towards oversold pushing the price well below the $49 000 level.
C. If we do however get pushed down towards $49 000 with volume support I think the next targets are the $46 000 and $42 000 levels, keep in mind that there are so many support lines that could be drawn between $40 000 and $50 000 so always look for the ones with the most confluence.
D. This one may not be true at all so take it wit a grain of salt but in my opinion a break of $41 200 would end the bullrun :(
Hope this help somebody * thumbs up emoji *
happy trading
this is just to give you guys an idea of possible key levels to watch and the reaction that could happen if these levels are broken.
I believe we will go up from here but have prepared for both a bearish and bullish scenario.
bullish'
A. We have broken over a key level around $49 700 which could now offer good support
B. we are slowly making a way back up to the key level of $53 000
C. The RSI has seen decrease in strength ever since the second ATH @ $65 000, the strength was lower after hitting a higher price of $69 000 keep that in mind. The RSI is now bordering on over sold, if we are to bounce now would be a perfect time.
D. support from 2020 is where the price saw a massive bounce back to the upside @ $42 000
Bearish
A. A huge rising wedge formation taking data from 2018, even though we could EASILY still get to $80 000 and still be within this wedge, we could still be trading within this wedge till april next year and even longer.
B. If we fail to break the long term RSI resistance we will most likely dip towards oversold pushing the price well below the $49 000 level.
C. If we do however get pushed down towards $49 000 with volume support I think the next targets are the $46 000 and $42 000 levels, keep in mind that there are so many support lines that could be drawn between $40 000 and $50 000 so always look for the ones with the most confluence.
D. This one may not be true at all so take it wit a grain of salt but in my opinion a break of $41 200 would end the bullrun :(
Hope this help somebody * thumbs up emoji *
happy trading