As you can see #BTC just formed an S / R line which can be a potential line for #BTC to bounce above 50K and test 51K and 55K!
But there is also a chance of being rejected above resistance and plunging below 44K support.
There will therefore be several scenarios to discuss:
1️⃣ Bounce of the S / R line:
Scenario 1 will play as an extreme
If the next 3 daily candles closed above this line, it means the market maker is looking for an 8H rebound above the 50K resistance.
However, there will always be a chance for a possible halt to the hunt below this line and the FIB level to take more advantage of the liquidity of the stock market!
2️⃣ Discharges below S / R and rebound from the principal:
The 2nd possible scenario will be a rejection below 47K level to retest the main support here which is ~ 44K.
There is a chance for #BTC to form a with a scythe Free drive (Currently in formation), which will quickly turn weak hands into phase and refuses to follow the trail on …
It is more difficult to trace all the possible paths but, it is the most possible direction after a retest on the 44K zone; There will also be more chances that #BTC will retest ATH after the retracement.
There will be more bids above 51K after a logical correction to profit above.
So there will be two scenarios above:
– Rejects to bounce more and dive from ~ 56K!
– Gobble up $ 58,150 for additional growth and retest ATH or even break it!
3️⃣ Rejects below the 50% FIB level and becomesagain :
The last possible scenario will turn in favor of the bears, if #BTC refuses to bounce back after retesting on 44K then there will be a chance it will dive below MA200 (LOW source) and the 50% level of FIB.
I should mention that the EQ line is higher on other exchanges; This is why we use the BITMex graph, it has more quality to analyze on lines and points!
There is a daily triple divergence that lasts at least 17% on the scale, this may be a reason to retest the 37K level after activation …
These are my directions for #BTC and all of them have a custom trigger, so it won’t be difficult to manage the risks ahead!
How do I play this?
-> Above equalizer in red and recent S / R flip: Expect the next range level to be marked: 51.5k.
If we keep pushing, the next target after that is 56k.
-> Losing recent S / R flip = warning sign.
Lose the EQ (red) and I think we start a bigger correction.
🔴 The levels I mentioned are extremely important!
Try to mention them in your graphics …
Hope you enjoyed our analysis on the possible directions of BTC🙌
You can support us with your tastes.
You can also share your opinion with us in the comments ️
Warning: this is not financial advice, we are just trying to help people with their own vision.
Have a nice day!