RESISTANCE ON WEEKLY & REJECTED 0.786 fibonacci ($11,730)
-Yurlo
Good afternoon traders and investors,
Please hit the like button for me 👍
Today I've decided to make a technical analysis on the weekly chart. As you can see there's 3 visible resistance levels (bodies) that Bitcoin is currently facing at $11,400. We've also almost PERFECTLY wicked to the 0.786 fibonacci level ($11,730), where price action rejected rather quickly not giving traders the chance to short this area.
Hypothetically, if we we're to reject from 0.786 fibonacci level we'd then be headed to retest 0.618 fibonacci level, which is located at $10,014. We've also got a cme gap still hovering around the $9600 level. Beneath that is $9200 support, and then we have the 0.5 fibonacci level, which is located at the $8800 level. $8500 is support below, then $8100, $7850, $7100, and if we ever had a crash like March I'd target $6250 from where I'd start accumulating my next long position for the bull run in 2021.
OR we keep going up regardless of being at resistance on the weekly chart. If this were to happen s/r would be flipped and we'd hypothetically speaking pump to 1 fibonacci level, which is located at $13,916. If buyers want to see higher levels they better push through $11,700 soon otherwise I'd expect downside considering we're at weekly resistance and if we see a rejection it'll likely be violent considering it would be a higher timeframe (htf) move.
$13,916 or $9250?
I'm bearish in terms of bias ~ invalidation point: $10,825. If we break this level I'll be looking to buy every dip all the way to ATH's and beyond throughout 2020/2021. OTHERWISE, I'll buy low ~ or buy the "crash" which 2020 could see one in comparison to the 1915 stock market crash. The feds have created 22% of every american dollar in 2020 and they can't hold this thing up forever. The markets need a clean RESET button (its been YEARS) and would be a perfect time for digital currency to thrive in coming years.
Time will paint this narrative.
Good afternoon traders and investors,
Please hit the like button for me 👍
Today I've decided to make a technical analysis on the weekly chart. As you can see there's 3 visible resistance levels (bodies) that Bitcoin is currently facing at $11,400. We've also almost PERFECTLY wicked to the 0.786 fibonacci level ($11,730), where price action rejected rather quickly not giving traders the chance to short this area.
Hypothetically, if we we're to reject from 0.786 fibonacci level we'd then be headed to retest 0.618 fibonacci level, which is located at $10,014. We've also got a cme gap still hovering around the $9600 level. Beneath that is $9200 support, and then we have the 0.5 fibonacci level, which is located at the $8800 level. $8500 is support below, then $8100, $7850, $7100, and if we ever had a crash like March I'd target $6250 from where I'd start accumulating my next long position for the bull run in 2021.
OR we keep going up regardless of being at resistance on the weekly chart. If this were to happen s/r would be flipped and we'd hypothetically speaking pump to 1 fibonacci level, which is located at $13,916. If buyers want to see higher levels they better push through $11,700 soon otherwise I'd expect downside considering we're at weekly resistance and if we see a rejection it'll likely be violent considering it would be a higher timeframe (htf) move.
$13,916 or $9250?
I'm bearish in terms of bias ~ invalidation point: $10,825. If we break this level I'll be looking to buy every dip all the way to ATH's and beyond throughout 2020/2021. OTHERWISE, I'll buy low ~ or buy the "crash" which 2020 could see one in comparison to the 1915 stock market crash. The feds have created 22% of every american dollar in 2020 and they can't hold this thing up forever. The markets need a clean RESET button (its been YEARS) and would be a perfect time for digital currency to thrive in coming years.
Time will paint this narrative.
כתב ויתור
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