I don't do technical analysis much, just watching some key structures. In the weekly chart I think the close of the candle in 15 hours will be of high importance. So until couple of confirmed weekly closes in somewhat comfortable levels, I don't think the downtrend has reversed. What do you guys think? Where should we close ideally to be able to hope for the reversal?
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Above 42K would mean the start of an uptrend, for now we are just crabbing sideways
I would not pay much attention to the weekly close for now. Looking at the daily chart using the 15 MA (MA are quite helpful for me in my trades) we will see the price is at a critical resistance. at slide 1 We will notice price broke downwards, the MA acting as a support at the Blue circle. Since then it has been a downward slope. Price tried rising up but was rejected at the red circle, MA acting as a resistance here. Notice price subsequently moved lower than previous low. Typical of a bearish trend. Price is now at another resistance point, at the yellow circle. We await what price will do on the daily close. I would need a strong break and close above this resistance and further confluence to confirm a buy for me. I would be out of this trade if am trading btc at this point. Or better still use a tight stop. Looking at the second slide which is the weekly chart, I wouldn't pay much attention, if we observe what has followed after there has been a bullish candle close . Look at green the circles. Each has been followed by a selloff, more like a trap. Though I must say this particular bullish candle looks stronger at the moment as it is at a strong support zone. I would still concentrate more on lower time frames for now and watch for further price actions.
Now this is why I said I don't know TA, because compared to you guys, it's nothing LoL Thanks for detailed breakdown
Lol. All is still based on prediction bro. Nobody is 100% sure of price movement.
100% agree. No reversal yet. When we see sustained NFT upswing in prices (several days and 10%+-30% increases) then we'll be in some sort of swing into rally territory. In the meantime, very dangerous to enter as it is looking more and more like the major drop we all expect is coming. 28k, 17k etc.