Friday, March 4, 2022

Bitcoin: Main Support Area Holding

I 'm long in this position until my indicators tell me otherwise.

In the Weekly timeframe the price still holds above the 30k - 35k support level . At the time of this publication it is in the 40K, which still holds the support.

It has failed to breach the resistance from the Madrid Ribbons in the Weekly, and in the shorter timeframe it simply pierced down the 200ma.

Good news, the support is holding and as long as the price doesn't pierce the main support level of the Madrid Ribbon, we're good. It will consolidate and it may still have a chance to break out the trading range, gain momentum and go higher.

If the price closes below the Main Ribbon Support, the next main support will be around the 25K level, where I'm expecting the price will meet the 200ma .

The indicators depicted in this analysis are:

  • Volume
  • Madrid Ribbons
  • Madrid Ribbon Bar (heatmap version)
  • Madrid Moving Average Distance.

"The four most expensive words in english language are, This time it's different."

~ Sir John Templeton