Three key ranges for bitcoin:
Changes in retail sentiment (net long positioning dropping as we bottomed out) another bullish indicator
Will keep updating along the way as we test levels
- $~8.8k-$9k = 50% retrace of 28/1 -> 6/2 decline.
50% pitchfork level. 17th January low, 10th February high.
- $~9.5k-$10k = 61.8% retrace of 21/1 -> 6/2 decline. 3rd February high. Top end of pitchfork. 50% retrace of entire bitcoin market.
- $7.8k-8k = 200DMA. 2nd February low(which was significant break of (8/11/2017 high). Median pitchfork level(previous swing lows 9/2 + 11/2)
Changes in retail sentiment (net long positioning dropping as we bottomed out) another bullish indicator
Will keep updating along the way as we test levels
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Failed at the first level again. Coming to s1 and .236 retrace
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.5 retrace & .25 pitchfork level providing short term support
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And pivot providing res in the short term
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Pivot been strong all day
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Same res being hit with R1 & now forming triangle
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Squeezing through 10th feb high into 17th january low
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Sorry switching charts just have different versions. Looks cleaner here. But eyeing up the 2nd target. the 61.8% retrace, 3rd feb high, median pitchfork & the big 50% retrace of range.
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And now we're attempting to break this key level. Need a firm daily break above it
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Strong pullback from that level
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Spike above 10k. Need a daily close above it to then target ~$11k & the 100DMA
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Narrow channel up. Break and re-test of this 50% retrace of entire range
