BTC Bull Retracement
Updated
Congrats to Bulls, BTC exceeding expectations and performing rather well in May.
What are we in for.
Well we potentially saw a buy back zone of 9760 and a retest of our major retracement level of 61.8 from FEB which appears to have resisted a potential H&S formation.
Its not surprising that we saw visit back this region before continuing onwards to our target of ~11500. Note Stochastics on 4h remaining neutral.
From 11500 the divergence on the daily scale needs to be settled which may occur with a rude pullback to the 9.5 followed by a potential visit to 8's and overperformance to the downside with a high 7800.
Either way the worst may well be behind us.
What's your plan if BTC doesn't fit your plan A?
What are we in for.
Well we potentially saw a buy back zone of 9760 and a retest of our major retracement level of 61.8 from FEB which appears to have resisted a potential H&S formation.
Its not surprising that we saw visit back this region before continuing onwards to our target of ~11500. Note Stochastics on 4h remaining neutral.
From 11500 the divergence on the daily scale needs to be settled which may occur with a rude pullback to the 9.5 followed by a potential visit to 8's and overperformance to the downside with a high 7800.
Either way the worst may well be behind us.
What's your plan if BTC doesn't fit your plan A?
Note
Firm rejection from 10k levels.Key consolidation levels
Bullish
9k
8.8k
8.2K
7.8k
Bear MODE
<7.5k
Note
9k Broken8.8k Broken (MT Gox Rumors)
8.2
7.8
Last bullish levels.
Note
8.2 Busted ( Korean Exchange Raid/Event)-8k psychological (scaling out of shorts)
-7.8
<7.5 = Bear mode.
Note
7.8 Reached.
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