Btc support zones

19 nov 2023

For now my bearish volume zone holds. (Red lines)

Blue is a supply zone while my white lines are just basic support. They were candle switches on daily chart from the big drop.

On 4h timeframe we had a wick under its 100ma and struggled our entire way back up. Possible we look towards wicking under it and possible even wicking through the volmue zone (the zone between 100 and 200ma ) and see 33k

Why 33k ? We would liquidate all longs build up but there it doesnt stop. On a 30d frame longs go back to 31.7k and compared to shorts its big.

33k is where we can expect a bounce to retest my blue lines which would then be bearish

If we do not break we can expect a drop to the daily 50ma and as usual have a wick under it which would liquidate all longs (daily 50ma is currently at 32.150)

Price is overbought and is currently to high as where it should be.

Tho if we do find support first we need to break 37075 before retesting the bearish volume zone
if we do break the zone next is 39-40k

19 nov 2023

Nota

19 nov 2023

Nota

Its only over a period of 7 days that we created most of the short volume and compared to longs its still nothing like 1/3.

Im more biased downside based on this info and think we might first liquidate all longs. Tho if we do go up and liquidate all shorts expect a big drop from there. To liquidate most shorts price would go up to 38.2k and for all of them 40.5k

19 nov 2023

Nota

Light blue blines first resistence if broken we will likely see my dark blue lines at 36.9k and 37k and posibly a retest of my bearish volume zone

19 nov 2023

Nota

On another note 24h volume has drop significant over the past 3days. Or we are in for a wick upwards or its bulls losing there power fighting over these levels and we can expect a dump