BTC/USD chart update.
First and foremost I won't even consider to buy until we break 10.5-10.8K or even the 100 EMA.
BTC has had the 100 EMA as resistance for almost the whole down trend, now this turned to support during our uptrend to the upper part of the down trends channel.
Now the 100 EMA + price action has turned to a smaller falling wedge(1H) making the price break downwards and confirming the 100 EMA as resistance again, which is a strong bearish signal.
My resistance and support levels have been drawn by price action, higher time frame price action and Ichimoku indicator in some cases.
Short version:
- 100 EMA resistance again
- Elliot wave is possible and we might have found the bottom of wave 4 but the price needs to break 200 EMA for that as confirmation signal.
- Bearish cross EMA 50 and 100.
- Price is respecting the down wards trend we have seen since 20K.
- next support is 9.3K-8.8K after that 8K+/-
- Buy signals would be break 100 EMA + bounce
Breaking 10.8K
Shorts become interesting when we break the 9.3K-8.8K level but when such a opportunity presents it self I will post about it.
Enjoy the analysis!
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