Bitcoin XBT precisely sitting on a support level
ok guys so here's the thing now, just when i was writing and analysing the chart there's huge dump in prices which precisely dropped at 7470 level and bulls hold it and support prices in the next chart you'll see that, meanwhile my custom indicator has already predicted the drop but i wait for prices to come back at resistance for a nice short entry but obviously prices did not wait for a pullback, my bad.
moving towards the above chart so clearly that green zone is a major level for bulls to be in the game any major break below this could take prices upto fib50 at 6600 level, so keep your eyes on 7400 zone.
another thing to notice is that we've perfectly hold fib382 level at 7930-7850 for almost a month which is definitely a quite good defend from bulls, from here am definitely expecting a pullback to test resistance zones or the red zone.
RSI looks oversold here and started getting momentum, maybe we could stay below 8000 for some more days, but ive started looking positive for bulls, meanwhile am not long here right now will surely wait for more confirmation.
daily chart gives us a better view, as you notice the first important thing is the red zone between 8760-8350 which is right now the major resistance level, which is also between 21DEMA and 200DMA, clearly two major levels to watch.
The green zone betwen 7850-7470 is the major support level we need to hold and as you already see that we've been tested it almost 4 times in last few days, so definnitely 8760-7470 is the battleground of bulls vs bears, whoever breaks this levels will win in the end.
the death cross we're getting by 200 and 50 DMA will also create a false narrative between traders coz 200 DMA is till not rejecting the trend, so most likely this false death cross will shake out lots weak hands in coming days.
however my custom indicator and murrey's math oscillator are also indicating for a strong bearish movement as you see in chart we're in green zone which suggests of retesting and breaking support levels, but prices also gains strength in green zone for the next rally, which confirms by moving in blue from green, but for now its all bearish.
the last line i've written just before the drop;)
alright guys, that's all for now hope this idea will help you to make profits, dont forget to hit like and support us so we keep bringing awesome new trading ideas for you, follow us for more future updates, and do comment your opinion, we appreciate your response:)
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moving towards the above chart so clearly that green zone is a major level for bulls to be in the game any major break below this could take prices upto fib50 at 6600 level, so keep your eyes on 7400 zone.
another thing to notice is that we've perfectly hold fib382 level at 7930-7850 for almost a month which is definitely a quite good defend from bulls, from here am definitely expecting a pullback to test resistance zones or the red zone.
RSI looks oversold here and started getting momentum, maybe we could stay below 8000 for some more days, but ive started looking positive for bulls, meanwhile am not long here right now will surely wait for more confirmation.
daily chart gives us a better view, as you notice the first important thing is the red zone between 8760-8350 which is right now the major resistance level, which is also between 21DEMA and 200DMA, clearly two major levels to watch.
The green zone betwen 7850-7470 is the major support level we need to hold and as you already see that we've been tested it almost 4 times in last few days, so definnitely 8760-7470 is the battleground of bulls vs bears, whoever breaks this levels will win in the end.
the death cross we're getting by 200 and 50 DMA will also create a false narrative between traders coz 200 DMA is till not rejecting the trend, so most likely this false death cross will shake out lots weak hands in coming days.
however my custom indicator and murrey's math oscillator are also indicating for a strong bearish movement as you see in chart we're in green zone which suggests of retesting and breaking support levels, but prices also gains strength in green zone for the next rally, which confirms by moving in blue from green, but for now its all bearish.
the last line i've written just before the drop;)
alright guys, that's all for now hope this idea will help you to make profits, dont forget to hit like and support us so we keep bringing awesome new trading ideas for you, follow us for more future updates, and do comment your opinion, we appreciate your response:)
and to join our premium contact me on telegram
refine your trading and turn your losses in huge profits...
This is Husain Zabir signing out
Ad DueDEX: The fastest crypto futures trading exchange, up to $110 free trading bonus plus $100 extra on first deposit of 0.2 btc
Join now : http://bit.ly/JoinDueDEXClub
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