Expect another drop from BTC unless it can go above this line.
Back in March 28 (when BTC is at 48K), we published a private idea based on the RSI where BTC would drop back to 35K and lower. The idea was only accessible for our telegram group subscribers. Now that it reaches our first target, we are looking at BTC again and publishing the updated analysis. Our sentiment about BTC doesn't change much. We are still bullish for long term but we definitely don't want to buy high.
First of all, it is obviously in the downtrend and it is not smart to buy the dip in the down trend unless you are the type of guy with tons of money to buy at any price every single week. As you can see in the chart, it would get an uptrend only after it broke out of the Fib Speed Resistance Fan 0.618 line. I have marked it with yellow rectangle box.
So, we will look at the lower levels where we should potentially fill our bags. The first area is 32.9K area (marked with green rectangle). It is the 0% level of weekly Fibonacci Extension and other strong supports are there too. Since we have a lot of stables left, we will start loading up our favorite alt coins and BTC at that levels.
Going lower, there is another layers of defense between 28.6K and 30.5K. It definitely should bounced back hard from there. It might dipped a little lower than that tho in order to hunt stoplosses. After that drop it should be heading back to the yellow rectangle above and going above that. Otherwise, there is a big risk that we will see 23K at the start of June before restarting the real bull run.
This is not a financial advice and this is just an analysis based on Fibonacci indicators only. Trade responsibly.
Cheers!
First of all, it is obviously in the downtrend and it is not smart to buy the dip in the down trend unless you are the type of guy with tons of money to buy at any price every single week. As you can see in the chart, it would get an uptrend only after it broke out of the Fib Speed Resistance Fan 0.618 line. I have marked it with yellow rectangle box.
So, we will look at the lower levels where we should potentially fill our bags. The first area is 32.9K area (marked with green rectangle). It is the 0% level of weekly Fibonacci Extension and other strong supports are there too. Since we have a lot of stables left, we will start loading up our favorite alt coins and BTC at that levels.
Going lower, there is another layers of defense between 28.6K and 30.5K. It definitely should bounced back hard from there. It might dipped a little lower than that tho in order to hunt stoplosses. After that drop it should be heading back to the yellow rectangle above and going above that. Otherwise, there is a big risk that we will see 23K at the start of June before restarting the real bull run.
This is not a financial advice and this is just an analysis based on Fibonacci indicators only. Trade responsibly.
Cheers!
Declinazione di responsabilità
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