Bitcoin Short Term Support Zone

After the recent push, the market is pretty undecided again with a lot of stop hunting and margin squeezing happening, leading to a new term on twitter called ‚chopsolidation‘ ;)

I am watching this Support Zone with 4hr 50MovingAverage, weekly & monthly pivot point which was holding pretty well recently.
We still have an open gap on cme futures so there is a good chance this could be broken down sooner or later, the question is if we go up first or not. I can recommend to not enter any margin trades and continue to accumulate bitcoin for the long term in a cold wallet. Also there were a lot of hacks and data leaks recently so it’s pretty unsafe to have any cryptocurrency in a hot wallet or even worse on a centralised exchange. ‚Not your keys, not your crypto‘.

Stay safe and watch the market.

Cheers

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Oscillators looking pretty oversold on the 4hrs, weekly S1 pivot looks like a solid support for now. Squeeze momentum is still in bearish trade mode but tho and no significant close above any important line yet. 50 EMA would be a nice start, Monthly pivot better, 50 MA would be super, weekly pivot would be very good and weekly R1 pretty bullish.