Bullish Idea based on the use of margin pressure levels and EZ bands fib levels extending from 21 week SMA.
Margin Pressure Short from $67 600 (Nov. 2021) , BTC bounced from the 2x margin pressure (Jan. 2022).
Bounced from EZ band fib 0.618 (Aug. 2021) and second time, came down very near (Jan. 2022). Currently holding fib 0.786 EZ band.
Looking like BTC goes up from here if it can hold $40k based on the supply pressure and obvious whale accumulation to hedge against $ inflation.
Always potential for long wick down to liquidate positions and shake out weak hands. Based on EZ bands fib 0.618 to around $29k is a critical level. Also, worth noting that there is a large unfilled CME gap at around $26k to $27k from Dec. 2020, however 15+ months is a long time to wait for a gap to be filled. If $40k breaks then support levels are $36 500, $29k, $17k.
Fib Channels correlate with pivot points.
Let's see what happens!
Margin Pressure Short from $67 600 (Nov. 2021) , BTC bounced from the 2x margin pressure (Jan. 2022).
Bounced from EZ band fib 0.618 (Aug. 2021) and second time, came down very near (Jan. 2022). Currently holding fib 0.786 EZ band.
Looking like BTC goes up from here if it can hold $40k based on the supply pressure and obvious whale accumulation to hedge against $ inflation.
Always potential for long wick down to liquidate positions and shake out weak hands. Based on EZ bands fib 0.618 to around $29k is a critical level. Also, worth noting that there is a large unfilled CME gap at around $26k to $27k from Dec. 2020, however 15+ months is a long time to wait for a gap to be filled. If $40k breaks then support levels are $36 500, $29k, $17k.
Fib Channels correlate with pivot points.
Let's see what happens!