$BTC The amount of confluence sitting between $72K-$75K is pretty crazy.
- Bull Market Support Band
- 2024 Summer range high/Big horizontal region
- 0.5 & 0.618 Fib levels from the impulse up
- Daily 200MA/EMA (EMA has always been tested in prior breakouts from the bear market)
No idea if or when we will test it, no one does. But it is good to have a plan in the case it does. That is the reason for this post.
Because you know by know that during moves like that, sentiment turns extremely bearish and calls for $50K will be coming out again. So knowing these moves are "normal" and there's a lot of confluence for support around that region can be useful.
Just like it is good knowing that if $87K breaks we likely see a squeeze higher as it is still a big liquidity area. In that case I think the high $90Ks comes into play.
Trading works in scenarios after all, and it is good to be ready for whatever comes your way and not just decide in the moment when emotions are high.
$BTC
- Bull Market Support Band
- 2024 Summer range high/Big horizontal region
- 0.5 & 0.618 Fib levels from the impulse up
- Daily 200MA/EMA (EMA has always been tested in prior breakouts from the bear market)
No idea if or when we will test it, no one does. But it is good to have a plan in the case it does. That is the reason for this post.
Because you know by know that during moves like that, sentiment turns extremely bearish and calls for $50K will be coming out again. So knowing these moves are "normal" and there's a lot of confluence for support around that region can be useful.
Just like it is good knowing that if $87K breaks we likely see a squeeze higher as it is still a big liquidity area. In that case I think the high $90Ks comes into play.
Trading works in scenarios after all, and it is good to be ready for whatever comes your way and not just decide in the moment when emotions are high.
$BTC