Using the keltner channel and the weekly chart for support levels/breakdowns. Currently at an inflection point on the 2 hour. A breakdown or trend reversal is probable in this zone. I use the KCO Keltner channel oscillator to identify trend changes, in this case on the 2 hour. I draw straight traditional support lines on the KCO that are curved along the 21 ema, this helps show when price is changing momentum. You get some similar patterns on the KCO as you would on the price/time chart and when combined with the break across the ema provide powerful signals for large price swings.
Momentum consolidates and price volatility drops, leading to "pressure" building that erupts in a sudden change in price. Could be bullish, could be bearish. A bullish move on the 2 hour could take us to 53k. While the bearish outlook has much lower targets. 53k would be ideal to take profit and wait to see if bitcoin is really bullish, or just bouncing from the big bearish drop.
This is not financial advice.
Momentum consolidates and price volatility drops, leading to "pressure" building that erupts in a sudden change in price. Could be bullish, could be bearish. A bullish move on the 2 hour could take us to 53k. While the bearish outlook has much lower targets. 53k would be ideal to take profit and wait to see if bitcoin is really bullish, or just bouncing from the big bearish drop.
This is not financial advice.
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Already starting to push up, time to test 53k?
Already starting to push up, time to test 53k?
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Surprised to see that push fail so hard... oh well. Sideways it is.
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bullish breakout failed, back to bear mode.
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