Back to 61k we go. π€·ββοΈ I don't make the rules
Decision time for BTC, 4h. If support fails at the 25-MA then 61k is back on the table. If we bounce support we'll face a bullish week. It's that simple
Bitcoin squashed two resistance levels in one day (red) and instantly flipped the 2nd level into support. We call this a trend change and this could be the first sign of a massive consolidation coming to an end. Are you ready for Pumptember Anon?
100 MA rejected, 25 MA sitting right on the trendline. Happy Friday.
Just a quick one on the 4h. MA crossover failed, 25-day MA rejected, 50 RSI rejected, back to $52k we go.
With the 786 FIB lost, here are your key levels to do that DCA thang into a declining trend rather than DCAing into an upwards trend. BTC 4h.
I'm gonna keep this simple today. BTC 4h. Declining trend continues as every relief move gets rejected (on the spot). RSI hoovering sub 50 agrees. 0.786 at $61k still on the table.
This isn't the US CPI index. This is the 100-day moving average (index) on the 4h chart and it got rejected.
BTC 4h, 100 MA rejection ends the relief after Bitcoin started signalling oversold last Friday.
What you saw this morning is what we call a "bull trap". 51k still in play.
Quick one, BTC 4h.
After being rejected by the 25-day MA and the 50 RSI Bitcoin continues along the declining trend. 0.618 around $51k back on the table. We now have to see how the Monday opens.
Just a quick one, BTC 4h.
After being rejected at the resistance level las night Bitcoin is now coming down to seek support at the recovered 100-day moving average. A bounce there would suggest a continuation of the upward momentum. Falling through will send us back to the 0.786 Fib sitting at $61k.
let's keep this simple today. BTC 4h, rejected at the 25-day moving average (yellow dot). π»ish sentiment continues.
Bitcoin 4h, "just algos doing their thing"
BTC is starting the week with the $61k dip we've anticipated testing major support at the 0.786 FIB established over the last 4 months. Falling through this level puts the recent low of $57k on the radar and it would also put the 0.618 FIB back on the table sitting at $51k. A bounce would suggest that we continue to move sideways between the $61k and $71k FIB channel.
ANYTHING below $61k should be considered an absolute bargain. #stacksats
Opinion hasn't changed. No, not even with MS picking up another 11,931 coins.
Here's my opinion on BTC, 4h chart.
BTC is about to hit previous support at $64k. If that falls through then $61k is pretty much guaranteed as it represents the 0.786 FIB which has shown strong support numerous times in the last couple of months. Now, if that falls through then the 0.5 FIB is back on the table sitting at $51k.
Generally, I don't stack sats unless we're in a clear upwards trend or I see a confirmed bounce which, at this moment of time, is still outstanding. We'll know if $64k will hold up in the next 8-16h but with miners transferring coins to the exchanges (adding to the sell pressure) and with shorts stacking the order books I doubt that $64k will hold and expect more of a tiny bounce when automated trading triggers at that level before it breaks downwards.
This could be very well the pre-summer vacation time retracement you're familiar with from previous cycles. As institutions, OTC and leveraged traders don't tend to leave their positions on the markets before the vacation time. They MUST zero-out their positions. Meaning they're neither long nor short. In addition institutional has to take gains on their long positions from last year. You know, when everyone was talking about a bear market while Bitcoin casually went up over 350%.
It's a good time to stack sats on upwards trends rather than on the way down or during tiny recoveries.
#Monero is seeing some serious volume in the last couple of week. π
