Hey everyone. Hope everyone is doing well. THERE REALLY JUST ISN'T ENOUGH HOURS IN THE DAY ANYMORE! I've been busy in one way or another lately and am just now getting an opportunity to get to some other hobbies of mine.
SO THE MARKET TOOK A DUMP on some "NEWS" as usual however BTC is still holding above some key levels!
In the chart here you can see the BLUE SUPPORT AREA. I personally DO NOT think BTC will break below this area however I would flip very BEARISH if BTC closes a 4HR candle below this support area. I consider this area BTC's LAST LINE OF DEFENSE! A $100,000 BTC by years end IS NOT looking likely anymore although AN EXTENDED BULL MARKET CYCLE is still playing out! Too many people were focused on what BTC's price would be "BY THE END OF THE YEAR" when it should've been "BY THE END OF THE BULL MARKET"
The RED RESISTANCE area represents the 0.5 to 0.618 FIB RETRACEMENT area. THIS AREA IS VERY IMPORTANT and a couple things could happen here. It's important to watch for a swift rejection and a BULL TRAP here in this area. (not likely IMO) If BTC can break above this resistance area then BTC will be in a great position to continue upwards towards those 80K-100K targets! I STILL BELIEVE THE BIGGEST BLAST has yet to come for this market cycle and I believe It'll happen when BTC breaks above 70K! If you zoom out to the weekly chart you can see BTC making an ascending triangle and if BTC breaks above 70K, it will break out of that triangle...
THIS CHART IS CALLED "MIND THE GAP" because BTC has yet again created a CME gap which is shown on the chart in the ORANGE area (54,450 - 56,280). This isn't necessarily a bad thing, It's just data. STATISTICALLY, around 80% of CME gaps end up closing. To close this CME gap, BTC would need to drop to around $54,450. MAYBE IT WILL or MAYBE IT WON'T. It's just something to keep in mind as the week progresses! I drew a bullish scenario on the chart where BTC closes the CME gap while making a double bottom before ultimately heading higher and breaking above the major resistance!
I do think we're at a local bottom as there is some strong looking bullish divergence on the RSI! This may be enough to get us up to the major resistance area in RED. BTC could reject off this area and head back down to test the SUPPORT again (which would also fill the CME gap) and BTC could be stuck in this range HOWEVER I DON'T THINK we will be in this "UNDECIDED" range very long! BTC will soon make a decision and it will be determined by whether the SUPPORT or RESISTANCE gets broken!
My personal belief is that BTC will break above the resistance area. I knew there was a good possibility of a drop into the 50K area and that such a drop WOULD STILL BE BULLISH on a macro scale. BTC and the market as a whole was pumping too hard and needed to cool off. I'll leave a link to that chart below (I THINK THE LINK ONLY SHOWS FOR PC USERS?... NEED CONFIRMATION) The chart is titled "BTC - JUST HOW BULLISH ARE WE?"
Well that's it for this chart. I'm hoping to have some more coming soon. I have been quite busy lately but hopefully can find more time as I would like to make more charts because I enjoy it.
If you like this idea please LIKE, FOLLOW, SHARE, and feel free to COMMENT...
*** This IS NOT financial advice. This is just an IDEA based off of my experience. Always do your own research before investing or trading cryptocurrencies***
SO THE MARKET TOOK A DUMP on some "NEWS" as usual however BTC is still holding above some key levels!
In the chart here you can see the BLUE SUPPORT AREA. I personally DO NOT think BTC will break below this area however I would flip very BEARISH if BTC closes a 4HR candle below this support area. I consider this area BTC's LAST LINE OF DEFENSE! A $100,000 BTC by years end IS NOT looking likely anymore although AN EXTENDED BULL MARKET CYCLE is still playing out! Too many people were focused on what BTC's price would be "BY THE END OF THE YEAR" when it should've been "BY THE END OF THE BULL MARKET"
The RED RESISTANCE area represents the 0.5 to 0.618 FIB RETRACEMENT area. THIS AREA IS VERY IMPORTANT and a couple things could happen here. It's important to watch for a swift rejection and a BULL TRAP here in this area. (not likely IMO) If BTC can break above this resistance area then BTC will be in a great position to continue upwards towards those 80K-100K targets! I STILL BELIEVE THE BIGGEST BLAST has yet to come for this market cycle and I believe It'll happen when BTC breaks above 70K! If you zoom out to the weekly chart you can see BTC making an ascending triangle and if BTC breaks above 70K, it will break out of that triangle...
THIS CHART IS CALLED "MIND THE GAP" because BTC has yet again created a CME gap which is shown on the chart in the ORANGE area (54,450 - 56,280). This isn't necessarily a bad thing, It's just data. STATISTICALLY, around 80% of CME gaps end up closing. To close this CME gap, BTC would need to drop to around $54,450. MAYBE IT WILL or MAYBE IT WON'T. It's just something to keep in mind as the week progresses! I drew a bullish scenario on the chart where BTC closes the CME gap while making a double bottom before ultimately heading higher and breaking above the major resistance!
I do think we're at a local bottom as there is some strong looking bullish divergence on the RSI! This may be enough to get us up to the major resistance area in RED. BTC could reject off this area and head back down to test the SUPPORT again (which would also fill the CME gap) and BTC could be stuck in this range HOWEVER I DON'T THINK we will be in this "UNDECIDED" range very long! BTC will soon make a decision and it will be determined by whether the SUPPORT or RESISTANCE gets broken!
My personal belief is that BTC will break above the resistance area. I knew there was a good possibility of a drop into the 50K area and that such a drop WOULD STILL BE BULLISH on a macro scale. BTC and the market as a whole was pumping too hard and needed to cool off. I'll leave a link to that chart below (I THINK THE LINK ONLY SHOWS FOR PC USERS?... NEED CONFIRMATION) The chart is titled "BTC - JUST HOW BULLISH ARE WE?"
Well that's it for this chart. I'm hoping to have some more coming soon. I have been quite busy lately but hopefully can find more time as I would like to make more charts because I enjoy it.
If you like this idea please LIKE, FOLLOW, SHARE, and feel free to COMMENT...
*** This IS NOT financial advice. This is just an IDEA based off of my experience. Always do your own research before investing or trading cryptocurrencies***
