BITCOIN CONSOLIDATING, INSTITUTIONS ACCUMULATING! BREAKOUT SOON!
After breaking below 32K, Bitcoin rallied off of the 61.8 Fibonacci retracement, once again showing how powerful the 61.8 Fib is when trading Bitcoin. Price is now consolidating sideways as bulls appear to have run out of momentum. Price is forming some sort of a horizontal flag/channel. If price breaks and closes above 33K, price will likely rally up, whereas a break and close below 32.6K will likely lead to a larger selloff.
One thing to keep in mind if price does break 33K is that there is the 200MAs at 33.3 that could potentially be resistance. If price does test the 200MAs on the 1H timeframe @ 33.3K, I will be looking for a potential short upon price action and volume confirmation. If price breaks above 33.3K, then I will flip my short term bias to bullish and start to look for long entries. Looking at current price action though, price looks weak so we might not get a retest of the 200MAs at 33.3K. If we do continue to fall from here, the channel support at 31K could be an area for a possible bounce.
Hi guys, this is OG back with another market update. If you find value in my work, please do like, share, and comment. And also feel free to share your ideas and technical analysis in the comments below.
Check out my daily videos for more in-depth technical analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
One thing to keep in mind if price does break 33K is that there is the 200MAs at 33.3 that could potentially be resistance. If price does test the 200MAs on the 1H timeframe @ 33.3K, I will be looking for a potential short upon price action and volume confirmation. If price breaks above 33.3K, then I will flip my short term bias to bullish and start to look for long entries. Looking at current price action though, price looks weak so we might not get a retest of the 200MAs at 33.3K. If we do continue to fall from here, the channel support at 31K could be an area for a possible bounce.
Hi guys, this is OG back with another market update. If you find value in my work, please do like, share, and comment. And also feel free to share your ideas and technical analysis in the comments below.
Check out my daily videos for more in-depth technical analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
