BTCUSDT $43694 Weekly Update #5 Jan29 2024: Important M close
Bulls are back above the Monthly open and attempting to push for a POSITIVE M close. Will need to close at or above the $42200 to keep a bullish M.
Will discuss more in details after the M close.
However, BTC is still in a correction phase since Dec05 2023.
Therefore, must take some profits in this range to keep some dry powder since the 3D macd is till not positive after over 45days of correction.
The next level of resistance remains 56-58k, which is the 0.888fib on log scale.
As of now, the W21ema remains a potential support for any shakeouts.
Will continue to monitor the possible correction pattern we could get in this range.
It could be a flat, a zig-zag or a falling wedge.
Once the correction phase is over and bulls close a M candle above 46.5K (Which is the Q resistance), then the next key level of resistance will 57-58k (0.888fib) as mentioned above
Will discuss more in details after the M close.
However, BTC is still in a correction phase since Dec05 2023.
Therefore, must take some profits in this range to keep some dry powder since the 3D macd is till not positive after over 45days of correction.
The next level of resistance remains 56-58k, which is the 0.888fib on log scale.
As of now, the W21ema remains a potential support for any shakeouts.
Will continue to monitor the possible correction pattern we could get in this range.
It could be a flat, a zig-zag or a falling wedge.
Once the correction phase is over and bulls close a M candle above 46.5K (Which is the Q resistance), then the next key level of resistance will 57-58k (0.888fib) as mentioned above
