BTC TARGETS - CONFLUENCE SIGNALS A 6150 LEVEL
Hello guys, happy Easter!
Today I am using the BTC EUR chart for two reasons:
1- it shows less drawings that the USD one so it is easier for you to understand. Also, we will not focus so much on absolute values, just the final target that can easily be converted in USD.
2- it highlights a little difference compared to the USD one (explained at the end).
The long/short ratio is at 0.5, meaning that for every position long there are two opened short. Everybody is expecting a retracement. This is absolutely normal and as I said, it does not mean it is a bad sign. On the contrary, the movement from 6800 to 7300 usd was good for BTC as it reduced the probabilities of a stagnation in the following months.
Said that, a retracement is very needed, as btc was growing too fast. Look at the two blue trendlines, how steep they are: that uptrend was unsustainable and as soon as they were broken, the price went down in a controlled way (always within the fibo retracement area). I think that the lower line of the two channels can be a good alternative and sustainable trendline for btc in the near future. Now we are a little slow in going down cause 6.1-6.2 (in eur, 6.8-6.9 in usd) was a very strong resistance to break in the past two weeks, and so is now as a support. We are also located at the edge of the fibo retracement for the last leg, and in a confluence of lines: the upper boundary of a longer term descending channel and the two halfway lines of the two medium term channels. And last but not least, this is a long weekend so activity is smooth.
Also, even if not visible here, from the 4th of April a H&S is formed, that exactly has its target (I drawed it for you, it is the vertical blue line)at the confluence of the two channels' lower line, and it is also within the fibo retracement area.
target is 5.5k-5.6k in eur, 6.1k-6.2k in usd.
RSI has much roomto go down still, and MACD is turning red.
Which other confirmation do you need? This is a great opportunity to short with distant target and tight SL, RR is big.
A very interesting thing to note is that, contrarily to the USD chart were many were expecting a firther increase, the one in EUR shows that BTC already reached the level before the big crash in March, and used it as a resistance now.
Let me know what you think or if you see something different from the graph!
Today I am using the BTC EUR chart for two reasons:
1- it shows less drawings that the USD one so it is easier for you to understand. Also, we will not focus so much on absolute values, just the final target that can easily be converted in USD.
2- it highlights a little difference compared to the USD one (explained at the end).
The long/short ratio is at 0.5, meaning that for every position long there are two opened short. Everybody is expecting a retracement. This is absolutely normal and as I said, it does not mean it is a bad sign. On the contrary, the movement from 6800 to 7300 usd was good for BTC as it reduced the probabilities of a stagnation in the following months.
Said that, a retracement is very needed, as btc was growing too fast. Look at the two blue trendlines, how steep they are: that uptrend was unsustainable and as soon as they were broken, the price went down in a controlled way (always within the fibo retracement area). I think that the lower line of the two channels can be a good alternative and sustainable trendline for btc in the near future. Now we are a little slow in going down cause 6.1-6.2 (in eur, 6.8-6.9 in usd) was a very strong resistance to break in the past two weeks, and so is now as a support. We are also located at the edge of the fibo retracement for the last leg, and in a confluence of lines: the upper boundary of a longer term descending channel and the two halfway lines of the two medium term channels. And last but not least, this is a long weekend so activity is smooth.
Also, even if not visible here, from the 4th of April a H&S is formed, that exactly has its target (I drawed it for you, it is the vertical blue line)at the confluence of the two channels' lower line, and it is also within the fibo retracement area.
target is 5.5k-5.6k in eur, 6.1k-6.2k in usd.
RSI has much roomto go down still, and MACD is turning red.
Which other confirmation do you need? This is a great opportunity to short with distant target and tight SL, RR is big.
A very interesting thing to note is that, contrarily to the USD chart were many were expecting a firther increase, the one in EUR shows that BTC already reached the level before the big crash in March, and used it as a resistance now.
Let me know what you think or if you see something different from the graph!
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Or simply you don't want to risk it?
Trade forex, oil, crypto, indices, and keep 80% of the profits you make, while losses are covered!
Check it out now → ftmo.com/en/?affiliates=2427
