btc could test bull market support 200ema

Feb 6

We are still in the downtrend and are looking to hold onto the 200 ema day moving average. If you want to trade this it is probably best to set tight stop loss as it could fall through the floor but will quickly bounce

Feb 8

Note

updated chart

Feb 8

Note

we have a bullish pennant which if we see price break out it has to contend with developed resistance area that has seen price unable to break above 102

we most likely will continue inside the pennant for awhile which could amount to a few days and even into march before we exit, however an exit to lower pricce range we will look for a forming lower reversal trend as support which needs to be confirmed. currently 94 - 95k area

We then have our downtrend around 88k and below that the 200 EMA daily at 84k which is the Bull Market Support band which we could see price test before the next move up.

Feb 9

Note

on the Weekly Close if we have price below 94k it will then set conditions for the move to the 200 ema on the daily, the large Fair Value Gap's confluence makes this a desirable area for smart money to postion themselves for the next price movement which as of now could see price take a turn for wither direction but for now I remain bullish if the 200 ema holds and expect a fast recovery