* A BREAK ABOVE 10,500$ AND YOU CAN LONG/BUY TO 11,682$ AND A BREAK OF THIS LEVEL WILL LEAD TO FINAL RESISTANCE AT 13,093$. * IF 13,093$ IS BROKEN TO THE UPSIDE, THEN WE SEE BULL RUN BEGIN WITH BULLISH PRICE ACTION TO 19,000$. THIS IS NOT VERY LIKELY AND EXTREMELY UNLIKELY. * A REJECTION FROM 10,500$ IS WHAT WE SEE OCCURRING WITH BEARISH PRICE ACTION TO 9,300$ AND 8,500$ RESPECTIVELY. * DO NOT FOMO - WE STILL FEEL THAT LOWS TO 3,300$ AND 2,800$ WILL BE ACHIEVED BEFORE BULL RUN. * THIS IS A TRAP.
THIS WAS WHAT WAS STATED AT THE END OF OUR BREAKDOWN LAST WEEK WITH PRICE TRADING AT 9,923$.
Now, we will conduct another breakdown of BTC to re-assess the situation with BTC currently trading at 9,632$:
- On the daily, it can be seen that we are ready to go down with bearish divergences even on daily chart. We have EMA support at 8,500$ and for further bearish activity we will need to break this level. None the less, before any bearish activity we will make highs and wicks to the 10,500$ and then bearish activity will begin.
- On the 4 hourly, we can see the same bearish price action to the 8,750$ and this is where EMA support is it. We can see the momentum indicators are also signal bearish price action. MA’s are making bearish cross over now. On specialist charting such a H***** A*** we can see the same is true. We can expect immediate wicks to the 9200$ price level from the 9,613$ price level.
- On the 2 hourly, we can see that again, bearish behaviour is very true and for the bears to take price down to the 9200$ level immediately first, we will need to see a break of 9470$ to the downside. We are seeing bearish price action from momentum indicators.
- On the hourly, once again we can see why, before any drop to 9,200$ we will see a rise to the 9,800$ and 10,000$ at the least and even as high a 10,500$ before any price depreciation to the 9,200$ and then 8,500$ price levels.
We will place spot and margin trading opportunities from this in the coming days and we will follower plan.
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