BTCUSDT $29580 Quick Update Friday OCT20 2023
Bulls spoiled all the short term bearishness by regaining control of 28.8k.
All the indicators (Macd/RSI/EMAs) are favoring the current push back up above 28.8k.
Therefore, cant sell or short at current level unless the current bullish structure gets broken again. And this could happen when price breaks below the 28k pivot.
Now, if price does NOT get a rejection/reversal from 30.3-30.4k, the next short term overhead resistance is 31.0-32k, which is a better resistance ZONE.
Below are the two key points for Bears:
Resistance
31-32k:
Potential reversal point:
28k
For Bulls, nothing to do but to hold spot.
On the MACRO:
If market sees a macro reversal to complete the Wave2, the Q support is still at the Q21ema down to 20k (0.50-0.618fib).
Must bear in mind that, price doesn't necessarily have to break 25k to complete the W2.
The Wave2 correction could also be the range 30-25k, specially if it stays in this range till the halving.
Bulls spoiled all the short term bearishness by regaining control of 28.8k.
All the indicators (Macd/RSI/EMAs) are favoring the current push back up above 28.8k.
Therefore, cant sell or short at current level unless the current bullish structure gets broken again. And this could happen when price breaks below the 28k pivot.
Now, if price does NOT get a rejection/reversal from 30.3-30.4k, the next short term overhead resistance is 31.0-32k, which is a better resistance ZONE.
Below are the two key points for Bears:
Resistance
31-32k:
Potential reversal point:
28k
For Bulls, nothing to do but to hold spot.
On the MACRO:
If market sees a macro reversal to complete the Wave2, the Q support is still at the Q21ema down to 20k (0.50-0.618fib).
Must bear in mind that, price doesn't necessarily have to break 25k to complete the W2.
The Wave2 correction could also be the range 30-25k, specially if it stays in this range till the halving.
