BTC/USDT on hedging support area

Brian Leclere - 21 February 2022 - APP BTC

By Market Minds 

Context : After having penetrated 42500 trailing key bullish support – the recent setback reached 39700 alternative support before testing the 61,8% Fibo retracement at 37800 corresponding also to a classic A=C pattern( harmonic )
Clearly the market is questioning the behavior of the risk takers present in the Traditional market and crypto market by positionning the market at key hedging support on SNP500 and BTC

This kind of configuration is more bullish to be honest because it is the area where an intraday bearish trader on futur will take profit, because it is the inflection level to start a new recovery – however a fail to hold on this support will confirm an extension of the previous bearish trend to 28800 (Long-term strategic support)

Tactical to daily view (1 to 3 days – before next 3 weeks) :

As long as 35800 remains key tactical/daily support and 37800/39800 is acting as entry levels (buy) the market is expected to bouncing off towards 42800 (1 to 3 days) – only a clear break above 42800 in daily close will open 51K

Else Breaking below 35800 key tactical support a last downside leg towards the strategic key support at 28800 will occur before starting the multi- weeks significant bullish run expected

 

(Price are displayed in USDT) 

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