BTCUSDT Quick update for the weekend Friday August 18 2023
BTC bears broke the market structure from swing low 24.7k to swing high 31.8k
Now the new structure to rely on is the SL 15.5 to SH 31.8.
Since the both macd on the W and 3D are continuously neagive and price is below the W21ema and the 3D21ema, this give bears the upper hand for the wave2 correction
The first target level will be 50-61.8% at 22-20k
The second target zone will be 0.786-0.888 at 18.3-17.0k
Now the primary resistance is 27-28k, which was the recent anticipated support zone
For now, SL at 30.3-30.5k.
Will reevaluate if price doesnt pull back to the 27-28k resistance
Macro
For the macro view, bulls have the Q21ema±10% as the primary accumulation zone. Anything below the Q21ema is a macro buy in anticipation of the Halving in April2024 as price tends to go parabolic after the Halving.
Will reevaluate if price doesnt pull back to the 27-28 resistance
Now the new structure to rely on is the SL 15.5 to SH 31.8.
Since the both macd on the W and 3D are continuously neagive and price is below the W21ema and the 3D21ema, this give bears the upper hand for the wave2 correction
The first target level will be 50-61.8% at 22-20k
The second target zone will be 0.786-0.888 at 18.3-17.0k
Now the primary resistance is 27-28k, which was the recent anticipated support zone
For now, SL at 30.3-30.5k.
Will reevaluate if price doesnt pull back to the 27-28k resistance
Macro
For the macro view, bulls have the Q21ema±10% as the primary accumulation zone. Anything below the Q21ema is a macro buy in anticipation of the Halving in April2024 as price tends to go parabolic after the Halving.
Will reevaluate if price doesnt pull back to the 27-28 resistance
