Smart Money BTC Harmonics - Continued 02282021
Expecting a correction at the Fibonacci commonality zone of $38,400 when we factor time and price, look for bearish divergence and hard rejection at the C point of the harmonic to execute short. Invalidation $39500, Interim Profit Target $33,000, Swing Target $17,500.
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Bearish Divergence is Forming on Low Time Frames. Price coming into reversal zone.
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Strong Rejection at $38200 Level, Possible retest of Zone
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Distribution is forming on low timeframes and now on the 4HR. Volume decrease usually signals a dump.
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Hit the B Point of our harmonic at $36650 level and reversed with demand off the 4HR 50 MA. Sell invalid past $49500.
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After a strong rejection from supply, followed by an excellent bounce from 36200 level. Sells from this level are invalidated. Follow the next idea for guidance.
