Is Bitcoins Range Box maybe hiding a bearish secret ? CAUTION ?
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I have been talking about his range box that PA is in for a while and, at the same time, referenceing the previous 2 times PA has done this this Cycle. But I also pointed out recently how this range is slightly different and possibly in a bearish way..
And I just found this on a 4 hour chart, which if true, could point towards PA taking a sudden drop to bottom of Range or Lower. https://www.tradingview.com/x/O1qkbkiV/
As you can see, PA has ranged across and just got rejected off the Upper trendline of a descending channel. The Fib Retracements levels seem to offer support There is a vertical line on 1st April to give you a marlker to work on as main chart is a daily and this chart is 4 hour. PA could continue to range horizontalyt till around 3rd March before hitting trend line again. If PA tries to break out, it will hit it earlier. In my head, I always have that Still open CME Gap at 77K - 82K This is a perfect opportunity to buy Bitcoin at a discount if we get down there. I do have an open SPOT BUY order at 78600 just in case. I would not expect PA to remain down there for very long, so I have placed my order above what I consider to be the possible Low. None of this may happen BUT I find it prudent to be aware of all possibilities.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.