BTC Must Be CAREFUL!!

28 בפבר׳ 2022

Taking a look at our BTC 4HR chart we have been talking about this for quite some time now but we are once again struggling with the 0.786 FIB level where a fall could most definitely be triggered. The pivot points show very clearly what i am taking about, after our 4HR recently the main pivot level has moved to right below where we currently sit, if tomorrow we see another bearish close and underneath the pivot we could trigger a decent selloff, my likely target for this would be around 35K as the first one, a slip below there would have to be for a future TA. Now the bollinger bands are beginning to squeeze down on price action, the longer we see this go on for the much more explosive the move will be, the bands don't give an idea of which direction but my next point ties together with the pivot points. If we did see a bearish close for example tomorrow, if it was below the pivot point or a little above that would leave price action directly ontop of the bottom band, now this aswell can trigger a fast move to the downside. Now the RSI has bounced off support at 41.87 since falling back below the midline, we are on our way back down for a likely retest and will have to see how this support holds up going into tomorrow. We will definitely have some work to do before regaining the very important midline, getting back and above has to be the goal especially on the daily RSI, this represents confirmed downtrend (below) and confirmed uptrend (above) a lot also hangs in the hands of the economy and geopolitical conflict so it will be very unpredictable. Not financial advice just my opinion!