Bitcoin (BTC/XBT) Daily Long&Short Trade Setups 2021/05/23
Hi Tradingview Crypto Community!
Latest Price Action:
Bitcoin is again showing signs of weakness as I am typing this. Yesterday Bitcoin attempted to break above the critical $38-39K support and resistance flip zone on 2 occasions and got rejected both times. The second attempt price actually traded within the 38-39K zone, giving temporary hope to the bulls, but unfortunately price wasn't able to break above the zone, and now price is slowly bleeding downwards.
Support Levels
On the downside, the most immediate support is at the 35.5K zone. This is a confluence of a minor 61.8 Fib level and also the previous minor swing low. We need to hold above this to maintain higher highs and higher lows structure, even if it is just a minor pattern. If not, we are likely to see 34K and then finally 30K, the low of the crash. And if we break that, then the previous ATH from the last cycle of around 20K comes into play.
Resistance Levels
On the upside, the first major level is still the support and resistance flip zone of 38-39K. This is currently the most important zone for bulls to start mounting a meaningful comeback. Bulls must close above this zone to start flipping the bearish momentum to bullish. Once this zone is reclaimed, the next level is the point of breakdown of $42K. Above that, we have the low of the initial impulse move down at 46K. Further above we have 52k, 54k, and finally 59K, the right shoulder of the H&S from which we broke down as the final major resistance level. When that is cleared, bulls can challenge the ATH of 65K and create a new ATH.
Lets take things one step at a time, and I will keep you guys updated as new structure and price action develops.
As always, everything Im sharing is personal opinion and not financial advice, and stay safe!
Latest Price Action:
Bitcoin is again showing signs of weakness as I am typing this. Yesterday Bitcoin attempted to break above the critical $38-39K support and resistance flip zone on 2 occasions and got rejected both times. The second attempt price actually traded within the 38-39K zone, giving temporary hope to the bulls, but unfortunately price wasn't able to break above the zone, and now price is slowly bleeding downwards.
Support Levels
On the downside, the most immediate support is at the 35.5K zone. This is a confluence of a minor 61.8 Fib level and also the previous minor swing low. We need to hold above this to maintain higher highs and higher lows structure, even if it is just a minor pattern. If not, we are likely to see 34K and then finally 30K, the low of the crash. And if we break that, then the previous ATH from the last cycle of around 20K comes into play.
Resistance Levels
On the upside, the first major level is still the support and resistance flip zone of 38-39K. This is currently the most important zone for bulls to start mounting a meaningful comeback. Bulls must close above this zone to start flipping the bearish momentum to bullish. Once this zone is reclaimed, the next level is the point of breakdown of $42K. Above that, we have the low of the initial impulse move down at 46K. Further above we have 52k, 54k, and finally 59K, the right shoulder of the H&S from which we broke down as the final major resistance level. When that is cleared, bulls can challenge the ATH of 65K and create a new ATH.
Lets take things one step at a time, and I will keep you guys updated as new structure and price action develops.
As always, everything Im sharing is personal opinion and not financial advice, and stay safe!
評論:
Not good that we retested 35.5k and got rejected. Higher probability of heading lower than higher in the short term.
評論:
taking a second look at the charts, looks like we might also be an a descending channel and we are getting close to testing the bottom of the channel. need to pay attention of the bottom of the channel holds or breaks
