Daily Report – Bitcoin and Market Update (March 29 2021)
Weekly closed below near length baseline while still hasn’t flashed any sell signal ever since November 2020. It means it’s still bullish with no real signs of any major exhaustion on the weekly timeframe. Momentum and volatility based supports align at 40.6-41k area. Volatility-based levels printed by BPRO show the main supports are 47102, 39351 and as long as we stay below the Breaker High of 59623, those support levels may be revisited. All the other reasons for why I’m thinking this way were mentioned in my most recent #video-report, #bitcoin-report, and Friday’s webinar. As soon as the breaker high HTF resistance is reclaimed and weekly session closes above 59623, we’ll unlock resistances as follows: 72144, 79895, 92416. Fun fact: bull market invalidation is not a threat until we violate breaker low of 13000$.
Daily session closed as intraday contracting consolidation doji candle which has already been broken through to the upside. Daily picture still remains on the bearish side as long as it trades below the Breaker High of 59414. Downside volatility band was a local floor all over again. Until it reclaims the baseline, it bears the risk of multiple fakeouts on the upside with Wyckoff-looking consolidation process going on. If 59414 is reclaimed, next daily resistances are 71891, 79615, 92092. Supports are as follows: 51.6k, 46937, 39213.
Middaily has just printed bullish trend change indication signal for closing right over the baseline levels. Keeping in mind that this STILL bears the risk of upside fakeout anywhere below 62k, I choose the follow the signal personally as that is my very strategy and system. I consent to the risk and cost of being wrong while it remains in the low-momentum 43-62k movement. BPRO tells me to buy in and Im here to follow out of my own choice. There should be full understanding as well that BPRO buy doesn’t mean BTCUSD is going to rally with no turning back from now on until the end of bull market – there might be some short period where the long is underwater for 5% or so. If you’re trading similar system tuning and are not ready to bear such risk, no need to follow up with too big sizes. Breaker High is 58322 and this level needs to be quickly reclaimed for the sake of bulls. Mean support is 53424, while the main resistances are 65.2k, 69921, 77434.
MTF picture has just noted decent breakout candle above the flag resistance. Currently at short-range volatility band which may indicate local downside throwback. In case it throws back for real and closes down below the flag resistance/support, it may be early indication that a fakeout has just occurred. Local 4h level to reclaim by bulls to ensure uptrend longevity is 60373. Local Breaker Low at 53313 defines a level, which if lost by bulls, may break down BTC enough to retest low 40000s.
Hourly chart clearly displays per bands, how the trend directions are shaping. Local upside marked by upside-oriented bands display local overbought momentum of the trend, which weakens the upside push and may bring local reversal anytime soon combined with mean reversion down to BVWAP level of 54776-55500s. Hourly key resistance is at Breaker High 58863. Breaker Low at 51921 marks key support level, which if lost may easily make BTCUSD decline down to S1 44027. Lows from 23rd, 25th and 29th of March form a sequence of Low, Lower Low, Higher Low, typical for inverse Head & Shoulders pattern with breakout target 64000s. That could happen ONLY provided that BTCUSD doesn’t present a fakeout and close back below the neckline 56.7-57.2k support zone. If early his fakeout occurs, higher chances of bigger fakeout to follow. More details in #video-report channel and recordings available only to exclusive members. Hope it helps!
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