Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
⭐ Merited by JayJuanGee (1)
My personal benchmarks for this type of reversal would be the following:
1. Closing today above $20K (roughly 10% below the 200WMA which wouldn't be a disaster). Ideally above $21K consolidation, but can't be too hopeful.
2. Closing next week above the 200WMA (which will be $22.4K next week). Reclaiming $20K would likely achieve this I think, especially $21K.
3. Then trading towards $25K the beginning of next week, before a correction, in order to close June comfortably above $20K.
1. Closing today above $20K (roughly 10% below the 200WMA which wouldn't be a disaster). Ideally above $21K consolidation, but can't be too hopeful.
2. Closing next week above the 200WMA (which will be $22.4K next week). Reclaiming $20K would likely achieve this I think, especially $21K.
3. Then trading towards $25K the beginning of next week, before a correction, in order to close June comfortably above $20K.
1. Price closed yesterday above $20K ✔️
Price is looking positive so far today. Ideally another close above $20K today would print a doji reversal at volume support on the 3 Day chart (ideally above the open of $20.4K):
I don't think that's too much to ask for right now as price is currently carving out a V-shaped reversal on smaller time-frames:
Price is facing resistance at the $21K level as anticipated (volume point of control), so re-testing $19K local support seems plausible, but I think reclaiming $20K is more likely to install some hope into the market rather than more panic selling. Already the bigger question for me is whether the 200WMA will hold if/when $30K is re-tested, rather than if $17.5K is the low.