BTC loosing momentum with resistance closing in at 48k
Diupdate
Hello guys, as usual, I'm just a day trader, I'm in no position to give advice.
Im just testing out my strategies and Im looking to validate them with the comunity.
On my past ideas, I talked about the support and resistance BTC was facing, and anticipated some price action succesfully.
In summary, we are seeing BTC stuck in a range from 46k up to 48k, with some breakout attempts made on both sides.
We've been consistently hitting both support and resistance multiple times, and as someone once told me, if you hit something long enough you'll probably end up breaking it.
Its hard to say which way will the pair go, but, but based on fractal analysis (Past movements) we know the pair tends to re-test its lowest low (In this case being 40k) to gather up some momentum and rise.
However I focus more in short term analysis and the London trading session just met New York's opening.
This pair of traders tend to spike the price before selling.
Moreover with drecreasing upward momentum I expect the price to touch the 200 EMA resistance at 48k before dropping to the support at 46k, from there, trading volumes will tell us were we are going.
That being said, this could well be already priced in, and the sellout might have already begun. In that case, the next price target would be 46k, without meeting 48k before.
Again, this is just my view, don't take it as financial advice, always do your own research.
I would love to hear some feedback!
Cheers!
Im just testing out my strategies and Im looking to validate them with the comunity.
On my past ideas, I talked about the support and resistance BTC was facing, and anticipated some price action succesfully.
In summary, we are seeing BTC stuck in a range from 46k up to 48k, with some breakout attempts made on both sides.
We've been consistently hitting both support and resistance multiple times, and as someone once told me, if you hit something long enough you'll probably end up breaking it.
Its hard to say which way will the pair go, but, but based on fractal analysis (Past movements) we know the pair tends to re-test its lowest low (In this case being 40k) to gather up some momentum and rise.
However I focus more in short term analysis and the London trading session just met New York's opening.
This pair of traders tend to spike the price before selling.
Moreover with drecreasing upward momentum I expect the price to touch the 200 EMA resistance at 48k before dropping to the support at 46k, from there, trading volumes will tell us were we are going.
That being said, this could well be already priced in, and the sellout might have already begun. In that case, the next price target would be 46k, without meeting 48k before.
Again, this is just my view, don't take it as financial advice, always do your own research.
I would love to hear some feedback!
Cheers!
Trade aktif
As mentioned before, there was a posibility of a selloff and it started prematurely. Now we have to see if the 46k support holds, in which case we're back up testing the 48k's, or if we break through 46k down to to 42k.Trading ditutup: target tercapai
As expected the pair dropped to 45.5k, which was past the 46k first target.
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