I'll just follow the arrows and fibs Arrows are not related with time We want to avoid H&S formation
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We are still on this road to 25k, but this rejection that happened end august is not a good think at all, price has been rejected at big key level, it was at the same time :
200 MA 4H 200 MA 1D, that is about to be crossed again in a few days/weeks by EMA 100 (bearish) 200 MA Weekly 0.786 fib of this chart
Im not gonna make a new post for this but we are more likely going to 22K for this next low
cheers
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last dip dipped, from here we can go up, following this idea
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Im gonna try to update this regularly, because I still fear a big sell off
but for now there is absolutely no reason we don't see at least 27k4 big resistances are between 27k4 and 28k, if we pass above, we will be much more safer
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I would say as long as 26K holds we are still in this bullish momentum.
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Situation isn looking good at all and daily 100 MA might cross daily 200MA next week if we stay at those levels
last time it did this btc lost 2/3 of its value (early feb 2022) but the time before, it did nothing (mid July 2021) so it might not be that relevant
lets wait and see
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Nice move up, We are out of this big downtrend channel (again) and now standing at weekly 200 MA daily 200 MA & 100 MA (those 2 are about to cross)
If we pass this we might continue to rally to 31K, & 35k (TP1)
Our 2 nearest supports are at 27300 & 26800
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We are now clearly outside of the channel everything above 27k3 is bullish and makes this idea realizable
watch out for the MA cross
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MA cross mades its effect, me must close above 26k8 or we will likely see 25k again, can be even worse then
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100 MA crossed 200 MA on the daily timeframe and now we're sitting under the 26k8 marks with a lot of bearish signs
the same is about to happen on the weekly, 100 MA will cross 200MA soon and for the first time in history of Bitcoin if I'm right, so maybe expect a stronger move down soon
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pretty wild Monday
big rejection when it arrived around the grey rectangle, which is a pretty strong resistance, but my bias is that we are going to at least retest it
you can consider now 26k5 a good support
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Here is the retest, now either we break that big resistance and we'll see TP1 before EOY either its too much and there is a big risk of a massive sell off boosted by the Weekly MA cross that will happen soon
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So far, BTC is following this idea at perfection, several possibilities from now - We can expect this bullish momentum to last 1 or 2 days and go straight to TP1 a bit below 35K - a little correction, but if we manage to stay above 29K8, this should be fine - and healthy as well - You can consider 25K a possibility if it goes below 29K8
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Took some profits here, I consider TP1 i.e. fib 1.272 34k5 reached, sorry for the double update, gonna post a new idea tomorrow or later