BTC finally broke out of the descending and started a new trend. On the long run we are bullish but first we need to reach some key levels. We expect to see a bounce from 5177-5300 area and maybe the end of the bear market somewhere between 4374-4261. If the second area doesn't hold, the last area 3252-3064 has the highest chances to hold.
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So, it seems that the bears are powerful. We had a nice reaction from the first zone and as expected it didn't hold but we were expecting to see a correction to at least 5.8k (5658 was the top). Now we are heading towards the second area which we considered to be a potential bottom but seeing how powerful the bears are, we are starting to have doubts about this. For now, btc is still in a very good buying zone as you can see in the picture.
So, it seems that the bears are powerful. We had a nice reaction from the first zone and as expected it didn't hold but we were expecting to see a correction to at least 5.8k (5658 was the top). Now we are heading towards the second area which we considered to be a potential bottom but seeing how powerful the bears are, we are starting to have doubts about this. For now, btc is still in a very good buying zone as you can see in the picture.
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BTC ignored the confluence of horizontal and diagonal support and went straight to the second buying zone. We have a reaction but it is not THE reaction we wanted to see.
BTC ignored the confluence of horizontal and diagonal support and went straight to the second buying zone. We have a reaction but it is not THE reaction we wanted to see.
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This is THE reaction we were looking for.
2. Positive reaction from the first buying zone. Could be a good time to start taking TP or at least to put the stop in BE.
It is very unlikely for this to be the bottom. Expect sub 5k values. The second area could be the bottom and if not, the 3rd will most likely be.