BTC December Monthly Open
For the last 6 months straight, BTC has pulled back on the monthly open and each time price has recovered and pushed higher. We are currently seeing the first half of that with a rejection off $98,000 so the question is, where does it stop?
The first place of interest is ~$93,500, a bullish orderblock with a strong candle following it. In a Bullrun these areas are expected to give a reaction and so that's my first place of interest.
A deeper pullback would take us the the 4H local low, a bounce here would establish a mini-range/ accumulation zone. Now that would make sense as a base is built to target the big even 100K, after such a strong rally a cool-off and reset of indicators would be beneficial, liquidating late longs would be a bonus (if you're not on the wrong side). This level also co-insides with the 4H 200 EMA, typically in a bullmarket this level holds well and caps off correctional phases. The RSI will then also be near/in the oversold zone as further confluence.
The HTF level that most are interested in is ~$84,000, A clear FVG level. This would be a loss of the 4H 200 EMA and definitely in the RSI oversold zone. We know that there is still a massive demand for BTC on an institutional level, ETFs and retail so pullbacks should be bought up in time, the question is when and where. A fill of this area would be more bullish in the long run as the FVG won't need to be filled later, meaning the potential severity of a crash or pullback in the future won't be as much.
The first place of interest is ~$93,500, a bullish orderblock with a strong candle following it. In a Bullrun these areas are expected to give a reaction and so that's my first place of interest.
A deeper pullback would take us the the 4H local low, a bounce here would establish a mini-range/ accumulation zone. Now that would make sense as a base is built to target the big even 100K, after such a strong rally a cool-off and reset of indicators would be beneficial, liquidating late longs would be a bonus (if you're not on the wrong side). This level also co-insides with the 4H 200 EMA, typically in a bullmarket this level holds well and caps off correctional phases. The RSI will then also be near/in the oversold zone as further confluence.
The HTF level that most are interested in is ~$84,000, A clear FVG level. This would be a loss of the 4H 200 EMA and definitely in the RSI oversold zone. We know that there is still a massive demand for BTC on an institutional level, ETFs and retail so pullbacks should be bought up in time, the question is when and where. A fill of this area would be more bullish in the long run as the FVG won't need to be filled later, meaning the potential severity of a crash or pullback in the future won't be as much.
Catatan
Approaching the first area of interest, will be interesting to see what happens now.
Some political news coming out of South Korea at the same time that may spook the traditional markets and perhaps bleed into crypto, keeping a close eye.
Catatan
100K!!!
The best possible reaction from the first level of interest, breaking through the resistance and into uncharted territory,
Congrats to everyone on the historic milestone
Catatan
Second area of interest tagged with a flash crash wick
Now price is back at the red resistance zone, could this be one big SFP with eyes on the $85,000 FVG area??
I think if we close the week out under resistance there would be cause for some concern in the short term, long term is still very bullish.
Catatan
After FOMC we've dropped from $108,000 to the red zone, which is now support.
Alts struggling but I will only start to get worried once the red zone which is now support turns resistance once again.
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.