Navigating BTC's Support Saga

Feb 2

BTC finds itself in a holding pattern between resistance and support after its significant retreat to the daily support level of $42,000, now in a phase of consolidation. Predictions based on dynamic support and resistance levels indicate a possible return to the daily EMA, with an eye on an additional support mark at $41,100. Best of luck to everyone, and a gentle reminder: always do your due diligence with independent research before committing to any trades.

Feb 2

Note

Quick update: The market's heating up as bears aggressively try to drive the price under the Daily EMA support! This intense battle could shape the next market move. Keep your eyes peeled!

Feb 2

Note

Bulls are showing signs of fatigue, and the blue dynamic resistance remains unbroken. A potential pullback towards 40K, followed by an extended consolidation period, could actually benefit BTC. The more time spent consolidating, the higher the potential climb.

Feb 2

Note

Here that should be kept in mind about BTC long term Dynamic support and resistance, take a look at the Blue lines. I will do a separate analysis on BTC long term outlook on the weekend, might open a stream for that :)

Feb 3

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Bulls are putting up a strong fight to maintain their range, yet bears appear to be gaining momentum and are likely to drive the price downward. Which scenario seems more probable to you: the bullish (green) holding strong, or the bearish (red) taking control?

Feb 5

Note

BTC's price has retraced to the Daily EMA, just as anticipated, allowing me to secure some profit at $42,200 while I was asleep 😊. The bulls are valiantly defending their critical position at $42,200. However, the scales seem to be tipping in favor of the bears, aiming for the $40,000 mark. The most recent dynamic support/resistance levels are indicating a bearish momentum. Stay tuned for further updates as we navigate these market waters.

Feb 5

Note

Bulls are gaining momentum, aiming to close the 12-hour candle in their favor with targets set at $43,800 and $45,100. Additionally, there's a possibility of a new channel formation in the coming hours. For more details, check the chart below.

Feb 5

Note

Bulls are effectively holding the daily EMA, causing an extended consolidation phase. This situation hints at the price aiming for higher levels before a potential decline to form a second leg. Should the daily EMA level be breached, it would signal bears taking over, possibly aiming for a double bottom formation. Details are as follows

Feb 6

Note

Bulls are effectively creating higher lows, supported by the green Daily EMA, while bears dominate around the $43,140 mark, indicated by the LTD+1 blue line. In situations of over-consolidation, it's advisable to zoom out for a broader market perspective. These points are pivotal for predicting the market's next direction. Stay tuned for more updates on this developing scenario.

Feb 7

Note

The bulls have initiated their charge towards the critical $43,800 mark, building on the momentum highlighted in this morning's TW minds thread. I've updated the dynamic resistance levels to keep an eye on, which should provide guidance in the coming sessions. Best of luck to all traders out there, and remember to stay tuned for the latest updates and insights. :)



morning thread link

tradingview.com/chart/?mind=Ri30xiA9RV6LYhhgExDaUg&symbol=BINANCE:BTCUSDT.P

Feb 8

Note

Yesterday, the Bulls successfully closed above the crucial $43,800 level we mentioned. A close above this level was expected to trigger a move towards higher regions as it could force many short positions to liquidate. Currently, Bulls seem to be aiming for the $45,550 mark. However, this area, situated between the yellow and magenta regions, is known for its high volatility and could indicate that the price is in an overbought territory. It's important to remember that being in an overbought region does not necessarily mean the price will drop. Also, keep in mind that Dynamic Support/Resistance (S/R) levels are key points where the price might react. Once breached, these levels transform from resistance to support. An updated version of the Daily Dynamic S/R is provided below. Best wishes to everyone.


Daily Dynamic S/R outlook


Longer Term Dynamic S/R outlook

Feb 9

Note

Quick Update on BTC

The Bulls are advancing towards $47,350 with little to no resistance from the Bears. However, we are approaching areas of high tension, indicated by the Yellow Dynamic resistance level. Additionally, an upward channel has formed, aligning with these same regions. Looking ahead, BTC Bulls are poised to confront these levels.


BTC Chart with Dynamic resistance levels on 100D period and most viable trend lines

Feb 9

Note

A Drop will Trigger Downward Correction Channel

Feb 9

Note

In a previous discussion, we highlighted a specific zone of value where bears could make a stand, and they have indeed taken action, causing the bulls to begin losing momentum. There are several reasons behind this shift:

1- The formation of a potential downward corrective channel.
2- The presence of Upward trend resistance.
3- A dynamic resistance line, identified by the color yellow.
4- An area of value delineated by trend lines drawn from the all-time high, as previously mentioned in our educational section under the editor's pick idea.

BTCUSDT Current Outlook