Daily Report – Bitcoin and Market Update (February 22 2021)
I’ll try to make this report quick and concise for your own sake. Weekly chart is showing 20% drawdown from the weekly open levels. No signs of trend reversal. If you read through my reports then you perfectly knew that such 10k daily candle swings would become new normality and nothing unexpected. Strong rally up, and aggressive liquidity flushing shakeout to slash 15-20% down followed. You’re going to see more of these movements and they will become more and more unbearable over the time, the closer to the market peak BTCUSD gets. For now, breaker high at 46596 acted as main support. To avoid panic, that’s why I have kept suggesting steady but sure planning and executing over exit strategy to decrease your exposure. If you fear and are going crazy not knowing what to do, it means you are over exposed. Cure is to decrease your exposure. If you kept ignoring dozens of my reports in past weeks, nothing can help you other than these lessons.
Daily bounced of Baseline support perfectly with breaker high one more time acting as a special level for reversal. BPRO is insanely accurate in those. As long as daily keeps closing above the baseline, no selling indication should come up. Again, you better get used to this type of volatility as it’s not only going to stay, but also going to become more intense, more volatility, more dynamic and more aggressive. If focusing too much on lower timeframes and over leveraging yourself constantly, then God save you. Support at breaker high. If that’s just a typical shakeout and liquidity flushing (still, from aggressive whales taking profits and exiting the market slowly) – which means if no global wars arise – then BTCUSD should close around 53k or higher and uptrend is resumed. 20% decline is more than needed for instant buy the dip opportunity, which I announced in #nest-club at 47k moments ago and some followed.
Middaily dropped sharply and seems to have already established strong demand beneath 50k. As long as 12h closes over BPRO baseline, trend is resuming upwards towards 62764, 69507 and 80400 resistances. Support levels are around Breaker High 51871. BVWAP support at 43k should not get tapped unless it’s global markets risk-off due to policitcal/economic/military conflicts expansion. Not selling my LTF-MTF portfolio unless BTC 12h flashes selling ticker for the trend change. As said, it’s important to understand that this type of volatility means what goes down much, at this stage of the market cycle, it’s going to be bought back as quickly to return to near pre-sell levels. That’s what volatility means. Always works both ways.
BPRO flashed intraday sell at 56k – insane accuracy If you’re trading short-term swings. Volatility to the downside “expired” statistically based on standard deviations from BPRO volatility bands, so high chances we don’t see any lower levels for next weeks. Typically, after sharp price shock declines, the market remains in sort of PTSD condition and should take a few days intraweek to bring back the “rationale” to follow TA more thoroughly. Until then, local main reference level is Breaker High at 56350 – anything above is bullish; anything below is leaning on PTSD break for the market to shake it off. My thesis naturally follows, that bull market resumes and we see 60k+ levels soon, provided that no wars/conflicts escalate globally.
Hourly showing insane demand beneath 50k and intense hammer built with strong buying from retails/institutions or both. Trend is supposed to resume upwards, although expect comebacks towards low 50000s and even 48000s, but in my honest opinion, those are strong buying opportunities for LTF-MTF positions which are not going to be left on the table for too long. Local resistance at Baseline 57.9k and breaker high 58036, which both combined provide traders with local supply zone. All said above for other timeframes, apply here as well. BPRO is king.
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