The hash ribbons indicator which is very rare to happen has already lit up into buying signal and after days of green candles,
I suspect and hope (actually) for a better leg up in a retracement of BTC's current price.
My good case retracement scenario is BTC testing the 41K level as it is the price where the blue downward slope and as 41K price level is around 0.5 Fibonacci level from the newest daily low (37.3K-ish) up to the highest point (45.3K-ish).
(This price might be a good time to go long in trades and take profit quickly after meeting the resistance around 42k-43k). #Not a Financial Advisor
If it broke down, we will see a test around 36K level, and from that point, it's best to continue watching BTC price movement as this is the second to last support level.
The last support level in a very worst-case scenario according to my analysis is around 32.2K which is accidentally the same as the 1.6 fib level and CME level.
So yeah, This is my current price analysis of the downside level that BTC can put its leg up to...
Looking forward to seeing your comments and what you think will likely happen according to your analysis... THX
I suspect and hope (actually) for a better leg up in a retracement of BTC's current price.
My good case retracement scenario is BTC testing the 41K level as it is the price where the blue downward slope and as 41K price level is around 0.5 Fibonacci level from the newest daily low (37.3K-ish) up to the highest point (45.3K-ish).
(This price might be a good time to go long in trades and take profit quickly after meeting the resistance around 42k-43k). #Not a Financial Advisor
If it broke down, we will see a test around 36K level, and from that point, it's best to continue watching BTC price movement as this is the second to last support level.
The last support level in a very worst-case scenario according to my analysis is around 32.2K which is accidentally the same as the 1.6 fib level and CME level.
So yeah, This is my current price analysis of the downside level that BTC can put its leg up to...
Looking forward to seeing your comments and what you think will likely happen according to your analysis... THX