BTC - BTCUSD Stepping Down to 23k
Hello Traders
If you've followed some of my previous ideas you'll recall we talked about the golden Fibonacci line (0.618 around 31k) and why it is important to close daily candles ABOVE the support. We were trading sideways at the time and I also mentioned how we were experiencing a contraction of the BBands and how it was important to wait for the market to point towards a direction. Thus rather being reactive instead of predictive.
In the mean time, our support broke and we are now closing daily candles BELOW the support. This means our previous support at 0.618 is now our new resistance. We are also experiencing low volume, and generally in this instance we can see a stair step down with small bounces at next support points.
Looking at chart you will see :
A : First target around 28.9k, weak support zone but could lead to a bounce back to B around 31k, our new resistance. Given the overall bearish condition in the market I will be biased towards getting rejected at B, making the next target C around 25.6k. C provides weak support as well but we could see a potential bounce back up to D (which is the support of A now acting as a resistance). Once again due to my overall bearish outlook in the market I see us getting rejected at D and making our way to an earlier demand zone/support at E (22k-23k).
Obviously it won't play out exactly on this timeframe, this is just an idea regrading breaking support / moving downwards with low volume and bearish technical indicators. I use BBands and PhoenixA for technical indication.
Trade safe,
BlockTechEv
If you've followed some of my previous ideas you'll recall we talked about the golden Fibonacci line (0.618 around 31k) and why it is important to close daily candles ABOVE the support. We were trading sideways at the time and I also mentioned how we were experiencing a contraction of the BBands and how it was important to wait for the market to point towards a direction. Thus rather being reactive instead of predictive.
In the mean time, our support broke and we are now closing daily candles BELOW the support. This means our previous support at 0.618 is now our new resistance. We are also experiencing low volume, and generally in this instance we can see a stair step down with small bounces at next support points.
Looking at chart you will see :
A : First target around 28.9k, weak support zone but could lead to a bounce back to B around 31k, our new resistance. Given the overall bearish condition in the market I will be biased towards getting rejected at B, making the next target C around 25.6k. C provides weak support as well but we could see a potential bounce back up to D (which is the support of A now acting as a resistance). Once again due to my overall bearish outlook in the market I see us getting rejected at D and making our way to an earlier demand zone/support at E (22k-23k).
Obviously it won't play out exactly on this timeframe, this is just an idea regrading breaking support / moving downwards with low volume and bearish technical indicators. I use BBands and PhoenixA for technical indication.
Trade safe,
BlockTechEv
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