BTC updates

28 Şub 2023

BTC prices are just above the Fib 0.786 level ($23127). This Fib retracement is drawn for the range starting from August 2022.

If this level cannot hold (1D TF), in my opinion, the current uptrend will be interrupted. The next lower levels would be :

• (1): EMA 50D
  
• (2): Fib 0.618
  
• (3): Fib 0.5
  
• (4) : CME gap at $20000
  

Under the current context (bad macros and FUD on cryptos/Binance), I think that all above levels would be reached, in worst case. This means that the CME gap (at $20000) will be filled and possibly the long-term trendline will be retested as well. In fact, this retest did'nt really happen during the correction in the beginning of February 2023.

Although I think that BTC will go down with high probability, there's small chance that the uptrend will resume if BTC regain $23518 level. In this case, BTC will revisit the supply area (5).

Let's see what is coming the next days.

1 Mar 2023

Not

In my opinion, BTC is moving in an ascending channel. Currently, prices are found below the resistance (mid line).
I expect that BTC would go down to the bottom line of this channel, ideally at around $22385 which is the crossing point with other supports (EMA 50D and the 'Demand' horizontal line)

3 Mar 2023

Not

As expected, BTC had dropped and now its prices are at the EMA 50D (and at other support level). If this level can hold, bulls are still in control of the uptrend. If not, bears are in favor and prices go to the next level (2), Fib 0.618, naturally.

7 Mar 2023

Not

This plan is still playing well.
BTC is breaking the EMA 50D. The next stop (2) is $21511, also the Fib 0.618

9 Mar 2023

Not

Both (2) Fib 0.618 and (3) Fib 0.5 were broken today
BTC prices almost filled the CME Gap (4)

Short should take profit (partially) here in my opinion because next moves would be dangerous for both Longs and Short.

9 Mar 2023

Not

10 Mar 2023

Not

CME GAP was filled.
So we have (1), (2), (3) and (4) targets reached. Let's see what will develop next

14 Mar 2023

Not

Finally, all target were reached in order.