BTCUSD, Short to 57kContinuing off of the long trade...
We've formed a bearish div. on the 4hour, I suspect a drop to at least 57k, the 1.272 fib of the b wave noted on the chart. However, there should be strong support at the 1.618 fib, 54.5k considering it intersects with:
Pivot of Monthly CPR
Bottom of Parallel channel
0.382 fib retracement of a minor impulse wave
If 54.5k is hit, more than likely we're in an impulse wave going down to 52k.
But considering a lot of traders went long at 60.8k off of a naked PoC back in Nov. 1st, another drop back down there may cause liquidations.
Exochart:
imgur.com
But one could argue that we won't go under 60.8k considering that it bounced off of the parallel channel and the PoC of the fixed range volume profile placed on the chart. A whale troll move would be to pump it over 64k at the Monthy R1 to print another bearish div. to rekt shorts, and then dump it back down to 60k to rekt longs as well.
Resistance:
-63.3k
-66k
Support:
-60k
-56.6k
-54k
Invalidations:
-58k
-66k
-60k after a drop to 54k
-51.4k
