BTC/USD support at $7100, $5600, $5000; >$9000 prediction
The ascending speed resistance fan line along with the Fibonacci arc intersect with the 23.60% Fibonacci retracement line, and $btc made a nice pullback if you can see the wick under all the stupid lines I put on the chart.
It is possible that the falling wedge is going to break out soon, since the OBV Shadow indicator along with volume show huge sell volume over buy volume. C M Super Guppy EMA lines turning gray provide further evidence for that. Evidence against a reversal now is the slight increase in short positions.
Based on a retracement beginning 25 Oct., we should bounce off $5,600. If not...
The descending speed resistance fan line intersects with the Fibonacci arc at $5,000. The falling wedge could complete its formation around that area, going for one more dip before rallying.
If Bitcoin value drops below $5,000 and does not make a wick and pull back like it did on the 23.60% retracement, I expect the #btc to be bearish/under $7,000 in the next Fibonacci timezone(11 Feb. - 17 Mar.).
(The Fibonacci timezone is the blue vertical lines in the background, numbered at the top)
Finally, if we do rally from the wedge, the ascending fan line should be about where $btc value will be headed, and we should be staying above $9000.
It is possible that the falling wedge is going to break out soon, since the OBV Shadow indicator along with volume show huge sell volume over buy volume. C M Super Guppy EMA lines turning gray provide further evidence for that. Evidence against a reversal now is the slight increase in short positions.
Based on a retracement beginning 25 Oct., we should bounce off $5,600. If not...
The descending speed resistance fan line intersects with the Fibonacci arc at $5,000. The falling wedge could complete its formation around that area, going for one more dip before rallying.
If Bitcoin value drops below $5,000 and does not make a wick and pull back like it did on the 23.60% retracement, I expect the #btc to be bearish/under $7,000 in the next Fibonacci timezone(11 Feb. - 17 Mar.).
(The Fibonacci timezone is the blue vertical lines in the background, numbered at the top)
Finally, if we do rally from the wedge, the ascending fan line should be about where $btc value will be headed, and we should be staying above $9000.
My published indicators: www.tradingview.com/u/NeoButane/
Sorry if I haven't replied to your message yet, I'm a bit backlogged :)
Sorry if I haven't replied to your message yet, I'm a bit backlogged :)
