BTCUSD - Important Levels to Watch in the next 24 hours

Price needs to get back into the daily cloud to continue bullish momentum. Rejection of the cloud can immediately turn sentiment bearish making this a relief rally.

There's bullish divergence on the RSI/MACD/MFI and BTC is extremely oversold so I wouldn't recommend shorting here. Higher probability of upside. Price can go either way; watch the next daily.

Good luck.
Do you happen to have an update on your thoughts? A nice little "higher low" around 2 am and a little bounce, but the very low volume (especially since 2 am) makes me think this is short lived and the bears will regain control.
@chwi03, If you bought the 9800 or 10.5k dips, 12.2k-12.5k is a good range to offload. Don't recommend buying into resistance at the moment.
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chwi03 CenkGultekin
@CenkGultekin, did buy in yesterday and made something off the bounce, but sold everything into fiat last night because I was unsure of the market direction overnight. Now, I need to decide when to buy back in.
@chwi03, I scaled orders between 9.1k-9.5k. Closed half position at 11.8k. Will close the rest around 12.3k.
chwi03 CenkGultekin
@CenkGultekin, very helpful feedback, thank you. I haven't learned about fib yet, much it is amazing to me how often the fib levels match up with channel support & resistance lines. This is my 4 hour chart (very messy I know, not cleaned up in a couple weeks) showing what I saw as the current dominant trading channel outlined by the heavy green lines. I drew the channel multiple days ago as a guide, and yesterday we fell exactly to the bottom of the channel, and the top of the channel is about 12,800 (but I don't think we will get there on this swing). https://www.tradingview.com/chart/iNqLAS7N/
@chwi03, The current bounce is too vertical and the diminishing volume suggests a rising wedge formation. The market makers who soaked the panic sales will likely offload between 38.2-50% as retail money buy their coins back at a higher price only to realise no continuation volume. Your channel is valid. Be patient; we will test support again.
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chwi03 CenkGultekin
@CenkGultekin, I put about $5k in during a small dip (combination of BTC, LTC, ETH), and chased the short-term up with stop losses. Wasn't sure how far to the top of that channel we'd make it, and would have been nice to capture some if we moved to $12,400-$12,600 before moving. Made a small amount, but am out now. The hourly closed with a doji last hour and the 15m appears to be making a rounded top. If I were to call it, I think we are very close to the top of this bounce right now, if we haven't already seen the top. Thanks so much for your feedback - gave me confidence in my thoughts that we are likely headed down again before up.
chwi03 chwi03
@CenkGultekin, I don't necessarily expect a reply, but I also noticed that volume was very high last hour (relatively speaking) and yet it hardly had any upward effect on the price. ** I am new to trading - about 3 months ** but have been studying hard. I had no clue how about the importance of volume until about a month ago when I started reading comments about it. I don't know if I've moved to putting TOO much weight on it, but in my mind it is critical when evaluating trend changes.
@chwi03, It was fomo buys on Gdax. Finex barely reacted to it. We might squeeze longs soon.
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