BTC short update, key level broken what's next
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hey guys welcome for another short update on Bitcoin, BTCUSD
now honestly i was expecting another retest of 78xx-82xx level, which usually prices do and forms a double top classic formation giving bears another opportunity to take position, but as you see we didn't get it, and after a very long and stretchy accumulation prices broke 21 monthly EMA key level (horizontal white line) sitting around 7090, you can see how precisely prices respected this level as a major support zone, notice those green boxes.
another major factor is the white trend line coming all over from the top of 10300 level, notice the white flags how precisely prices respected the trend line as a major resistance level, but on 6th dec prices broke that trend and start to move higher, but as all we know it didn't sustain and now we see further drops.
now the next major support to keep an eye is 65xx - 63xx zone where we could see another bounce and might be a double bottom formation, but as I see the current situation where prices are facing high manipulation, we need to be cautious here and should avoid to catch a falling knife, cuz protecting what you already have should be always your top priority.
here's the chart i was keeping a close eye from last few days before we broke the 7xxx level
clearly prices were respecting the fib levels religiously but the fib618 support did not sustain strongly
concluding, am expecting a drop upto 65xx-63xx zone and from there we might see a bounce and a pullback towards 7xxx zone or a retest of 21 monthly ema, from there, where we'll go, its hard to say in short term but as a long term perspective we're surely going down, deeper down
that's all for now, if you like my work than do support me with your followings, comments and likes
this keeps me boosted with confidence to keep bringing new ideas for you:)
this is Husain, signing out...
thakyou
now honestly i was expecting another retest of 78xx-82xx level, which usually prices do and forms a double top classic formation giving bears another opportunity to take position, but as you see we didn't get it, and after a very long and stretchy accumulation prices broke 21 monthly EMA key level (horizontal white line) sitting around 7090, you can see how precisely prices respected this level as a major support zone, notice those green boxes.
another major factor is the white trend line coming all over from the top of 10300 level, notice the white flags how precisely prices respected the trend line as a major resistance level, but on 6th dec prices broke that trend and start to move higher, but as all we know it didn't sustain and now we see further drops.
now the next major support to keep an eye is 65xx - 63xx zone where we could see another bounce and might be a double bottom formation, but as I see the current situation where prices are facing high manipulation, we need to be cautious here and should avoid to catch a falling knife, cuz protecting what you already have should be always your top priority.
here's the chart i was keeping a close eye from last few days before we broke the 7xxx level
clearly prices were respecting the fib levels religiously but the fib618 support did not sustain strongly
concluding, am expecting a drop upto 65xx-63xx zone and from there we might see a bounce and a pullback towards 7xxx zone or a retest of 21 monthly ema, from there, where we'll go, its hard to say in short term but as a long term perspective we're surely going down, deeper down
that's all for now, if you like my work than do support me with your followings, comments and likes
this keeps me boosted with confidence to keep bringing new ideas for you:)
this is Husain, signing out...
thakyou
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check out the latest update on Bitcoin and this sudden price surge
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