So we have this regression channel on BTC with a greater than 90% fit, that we've been in for a month or so now.
Our recent PA had us outside this channel for an extended period of time, which also coincided with a Weekly Block in Orange. The volume on this drop, is quite similar to the drop that took us to our 3730 Macro Range Low. If Bears maintain control of this 8820 level (Red, monthly), I'd anticipate another leg down to perhaps the 7.4k area.
On the Bullish side, this drop wasn't able to push into the previous consolidation, a sign of strength from the Bulls.
TLDR: I'm watching 8820ish, If Bears hold it, 7.4k maybe even lower. If Bulls regain it, a run of Last Month's High, perhaps another run at 10k, maybe even my 10.4k 66% monthly level...
Volatility can be your best friend, or your worst enemy...be careful.
As always, practice solid risk management, good luck, and have fun.
Our recent PA had us outside this channel for an extended period of time, which also coincided with a Weekly Block in Orange. The volume on this drop, is quite similar to the drop that took us to our 3730 Macro Range Low. If Bears maintain control of this 8820 level (Red, monthly), I'd anticipate another leg down to perhaps the 7.4k area.
On the Bullish side, this drop wasn't able to push into the previous consolidation, a sign of strength from the Bulls.
TLDR: I'm watching 8820ish, If Bears hold it, 7.4k maybe even lower. If Bulls regain it, a run of Last Month's High, perhaps another run at 10k, maybe even my 10.4k 66% monthly level...
Volatility can be your best friend, or your worst enemy...be careful.
As always, practice solid risk management, good luck, and have fun.
