Bitcoin Levels that cant be ignored
Hi Everyone and thanks for stopping by here is a recent recap of the BTC activity to date .
January started with a drop from $47,459 to $39,600 followed by market buys at the
SFP at $39,600K we then move up to $44,500 but encounter a big rejection at the 0.382 fib level
which is a big sign of continued weakness .
From here we are pushed down to test $32,900 and while at this region everyone was still expecting
much lower the retail market was very bearish with eyes on 29 XXX and lower.
Well we all know what happens when sentiment is too one sided and in true BTC style the market
did not disappoint.
BTC took the lows at $32,900 and went on a 2 week rally back up to $44,500 and in doing so
managed to get the masses bullish again.
In retrospect all that happened was we printed a Lower High after retesting the .382 / $44,500 where we rejected back in 13 January .
Below us we have the 200EMA as a potential support $37,900 but for me this will only be a short lived bounce as I think over the
next few months we will just continue with the current trend .
Needless to say that doesn't mean that we cant continue to range in the lower 30s for X amount of time and pickup nice bounces within this range.
There has been no change in Market structure from our 2 week rally and unless something changes in the near future then I say prepare and plan for the Levels
that no one wants to believe could happen .
Thanks a lot if you made it this far and pls drop me a like and a follow .
Tools used * Neg Fib *, Standard Fib + Fib Speed fan
January started with a drop from $47,459 to $39,600 followed by market buys at the
SFP at $39,600K we then move up to $44,500 but encounter a big rejection at the 0.382 fib level
which is a big sign of continued weakness .
From here we are pushed down to test $32,900 and while at this region everyone was still expecting
much lower the retail market was very bearish with eyes on 29 XXX and lower.
Well we all know what happens when sentiment is too one sided and in true BTC style the market
did not disappoint.
BTC took the lows at $32,900 and went on a 2 week rally back up to $44,500 and in doing so
managed to get the masses bullish again.
In retrospect all that happened was we printed a Lower High after retesting the .382 / $44,500 where we rejected back in 13 January .
Below us we have the 200EMA as a potential support $37,900 but for me this will only be a short lived bounce as I think over the
next few months we will just continue with the current trend .
Needless to say that doesn't mean that we cant continue to range in the lower 30s for X amount of time and pickup nice bounces within this range.
There has been no change in Market structure from our 2 week rally and unless something changes in the near future then I say prepare and plan for the Levels
that no one wants to believe could happen .
Thanks a lot if you made it this far and pls drop me a like and a follow .
Tools used * Neg Fib *, Standard Fib + Fib Speed fan
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