Based on my TA, BTC has now confirmed a short term trend change on the smaller time frames which will result in relief / pull back on the higher time frames (W,M).
BTC recently just crossed over the SMA's, pulled back and rejected them as well as a major key level. There is also the case of the SMA's (21/9) crossing over on the 4hr indicating a trend change confirmation.
On the higher time frames we also has deceleration and exhaustion from the candles showing a relief period and pull back is in coming which of course will result in a trend change again on the smaller time frames.
We also have the issue of the FED stating they are not looking to hold a BTC reserve and won't be changing their opinions anytime soon regardless of Trumps open supportiveness of Crypto.
The fib is also confirming a bear market as it is aligning very nicely with key levels and targets to the downside. I have entered at the LH which is the same area the market rejected the crossover of the SMA's.
We'll likely see some consolidation / resistance around the $94,500 price mark as it is a major key level imo but if we break that level then BTC will likely fall to the golden ratio market out by the fib which also happens to align with another major key level of $86,850 which is my overall target.
Of course i will lock in profits along the way, i have a small stop on this trade of just 2.5% located just above the cross over of the SMA's for some protection from TA.
#btc🔥🔥 #BTCNextMove #ElSalvadorBTCReserve #MarketPullback #write2earn