BITCOIN MACRO VIEW: PRICE AT 1.618 EXTENSION
In today's content, I discussed the macro structure of btcusd.
Price just hit 1.168 extension of wave1 (3100-13888).
1.618 extension is in general an "Important" directional resistance for wave3.
If price gets "rejected" at 42-44k, bears could look to drag the price down to 2D 21ema, which is a a crucial macro support.
As of now, bulls are still in control, and if bears do not bring a heavy sell volume at ~42-44k range, bulls could force through up to 50K.
Will lets price action to give more data as it is at directional resistance area at the moment.
In today's content, I discussed the macro structure of btcusd.
Price just hit 1.168 extension of wave1 (3100-13888).
1.618 extension is in general an "Important" directional resistance for wave3.
If price gets "rejected" at 42-44k, bears could look to drag the price down to 2D 21ema, which is a a crucial macro support.
As of now, bulls are still in control, and if bears do not bring a heavy sell volume at ~42-44k range, bulls could force through up to 50K.
Will lets price action to give more data as it is at directional resistance area at the moment.
