BTC/USDT Update: Retesting the 0.5Fib and finding support
Bitcoin stabilized between the 30k and 40k range and found support around the 0.5 Fib line considering a swing from march 2020 to march 2021.
The RSI is near oversold and the 30k area is a strong support range.
Most likely we will see some upwards consolidation towards the 40k line an break alongside the triangle of the violet line and the 0.3Fib.
The Fear and Greed Index shows 10 which represents extreme Fear.
We all know what this mean --> Be greedy if other are fearful.
Overall Volume is increasing which is a great sign.
Basic rules:
- Never buy the top/ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Yellow lines are for visual help only.
Boxes:
- Either entry zone or support zone. Check the description.
The RSI is near oversold and the 30k area is a strong support range.
Most likely we will see some upwards consolidation towards the 40k line an break alongside the triangle of the violet line and the 0.3Fib.
The Fear and Greed Index shows 10 which represents extreme Fear.
We all know what this mean --> Be greedy if other are fearful.
Overall Volume is increasing which is a great sign.
Basic rules:
- Never buy the top/ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Yellow lines are for visual help only.
Boxes:
- Either entry zone or support zone. Check the description.
