What does Bitcoin has under its sleeve? Crucial time
Hi all,
We have been in this range for over 2 months. One can argue this is the top just based on Weekly chart pattern, however we are yet to see a sign of weakness on the Daily TF.
I have 2 scenarios as we are approaching high supply region PA trying to reclaim the most crucial level (Weekly Supply Down bar) as markec and on the Daily a potential to tap 60200 region before an interim correction.
I am getting prepared to long in the two regions as marked above - 50k-52k lvl is an interim buyers interest due to the demand zone and quite simply 0.618 Fibs. This doesnt neccessarily mean its bullish, I would like the PA to pierce through 60k (Weekly Supply zone)
The other scenario indicates a major sign of weakness, near 42k-44k. This swing will be another opp towards 58k region, rejection here on the daily (red arrow) will be a final confirmation as the top for the cycle.
Cheers and Happy trading!
We have been in this range for over 2 months. One can argue this is the top just based on Weekly chart pattern, however we are yet to see a sign of weakness on the Daily TF.
I have 2 scenarios as we are approaching high supply region PA trying to reclaim the most crucial level (Weekly Supply Down bar) as markec and on the Daily a potential to tap 60200 region before an interim correction.
I am getting prepared to long in the two regions as marked above - 50k-52k lvl is an interim buyers interest due to the demand zone and quite simply 0.618 Fibs. This doesnt neccessarily mean its bullish, I would like the PA to pierce through 60k (Weekly Supply zone)
The other scenario indicates a major sign of weakness, near 42k-44k. This swing will be another opp towards 58k region, rejection here on the daily (red arrow) will be a final confirmation as the top for the cycle.
Cheers and Happy trading!
Penafian
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