The Birb Nest 29-9

Bitcoin Analysis by The Birb Nest #3

Bitcoin Report & Market Update.

This TA analysis is done by CryptoKnight.

1W (Weekly)

– So, weekly candle being a sell off was stopped by 55 EMA and has been going sideways for few days.

– 8850 area, followed by Kijun at 8960, 21 EMA at 9230 area and then 9380-9465 will act as resistances on the way up.

– RSI at 46 has room to fall down to 41 and in case of a move up will have resistance at 50-51 area.

– I personally have been anticipating these price levels since we hit 13.7k area. And sticking to my plan, I went long on BTC and some other majors once 7.9k was breached. It is important for me to share that, I used lesser amount of my funds to long as I am ready to DCA till 6750-6900 even if the spread is more.Long positions are in profit already and I am trailing my SLs on them.

– I will SLs take my positions out in profit and in case of dump breaching 6750, I will scale out of my positions, that I will take in case of another leg down.

R: 8280, 8850, 8960, 9230, 9380-9465
S: 7700-7600, 7400, 7200, 6950, 6850

1D (1 Day)

– As mentioned last week, price was under a lot of confluence of resistance at 10150-10250 which it could not break and BTC tanked. And now price is again below 200 MA and green dotted fib line of pitchfork. It would need to flip these two to support for any further move up.

– RSI at 23 has resistance at 25, 30, 37 and support at 20, 12 and 9. Once can easily trade based on these RSI levels as well.

– Purple and blue line will act as resistance for PA moving up. Also, in case of a strong move up, I would still watch for the red box are to see if it rejected or gets flipped to support.

4H (4 Hours)

– Price is under Kijun, 8 EMA and 21 EMA which are acting as strong resistance with already any support till 7600 area and then at 7200 area. Would need to flip these resistance for any move up which is possible on a Sunday as volume is low.

– Price has decent support till 10150 for now.

– RSI at 36 is right below the resistance of 37 which if flipped has room to go to 41 and then 50. If unable to break then has room to fall to 30 and then 25. – I can see 2 scenarios here in possible play:
(a) 5 wave structure(Blue) of major C wave down, where 3rd wave is finished and this is the fourth wave in play which is likely as alts are running well which is typical of 4th wave. 4th wave can move up flipping resistances on its way thus I am keeping my SLs trailing with the price action. Whenever, 4th wave finishes or truncates, SLs will take my positions out in profit and I will start loading lower with ladder buys in the 5th wave.
(b) 5 wave structure(Green) of major C wave down, where 5th has already been finished with 5th been a truncated one and 4th being a smaller sideways wave. In this case, a sudden move up flipping major resistances would depict an impulse wave up which could mean a trend change. In this case as well, I will keep my SLs trailing the price and will add more on a resistance flipping to support.

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