Would we be so lucky as to get a textbook pullback to the prior all time high ( ATH ) and breakout point around $20,000? One would think that may be too easy; however, it could definitely happen!
The 4H 200SMA and the 4H 200EMA have confluence with the prior breakout zone around $20,000 and have held as support since October, 2020 as can be seen here:
In the last chart, can also see very low value VPVR nodes from $19,500 to $22,600.
If we break below $22,600, then I suspect we’ll see a quick move down to $19,500 – $20,000! If that holds as support, then I suspect BTC will explode to new all time highs!
The target for this potential new ATH is the 1.618 from the prior weekly consolidation as shown here:
Follow us now for regular TA on the hottest cryptos!
Guide to My Charts
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
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Entry Zone: $19,500-$20,200
Leveraged Risk: 33.00%
Leveraged Reward: 101.49%
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.