BTC 2day chart and more downside potentially shown

7 Mar 2021

here I have the weekly camarilla pivot points in the 2 day chart. and the next levels. and the donchian channel. just as the 4day chart I previously posted it has a similiar look and candle count/formation. if it plays out in any similiar way I would expect this 2/3day closure to bring moves to the downside to touch (at least) our coming weekly L3/4 levels or/and the central donchian channel level. oscillation comparison also clearly shows there is room for turndown from here and the rest of the market is ahead of the game on getting healthy corrections. That being said. be safe. and it is better to short against spot holdings so as to reduce you risk of either price going up or going down. I also want to point out the CPR central pivot range. (weekly levels. purple line) the reason why it holds here is because that level essential acts as a magnet. especially when new timeframes open price gets pulled to that level. It is sitting here and once the new weely opens and the old one closes it cn be seen that it is only estimated to be coming in around the level we are at. It is possible that we close this weekly and then price immediatly touchs it and then resolves in order to ensure the lack of magnet retrace from a potential up or down move prior to close