A look at BTC going into the ETH merge.

T8terTrad3r@bbs profile image
Sep 15, 2022
Notice how the EMA's are still trending nicely toward the green confluence zoneNotice how the EMA's are still trending nicely toward the green confluence zone

Over the past 32 hours, BTC has smashed through the upper liquidity zone (~21,230 to ~21,810) to hit (and hold) resistance at ~22,600, then corrected back into the lower liquidity zone (~19670 to ~20,125) to hold support at ~19,600.

At the time of this post, price is trending back toward the 19,600 support line. If 19,600 is pierced, I would be suprised to see it confirm below this soon, with probability in favor of an upward bounce. [If price does confirm below this level, however, expect another  drop to ~18,675.]  Watch the DXY, Total2, and equity futures to signal direction. ETH is on its own path atm, and seems to have put a hand on the market driver's wheel, so you may want to monitor its direction as well for signals (what a unique role reversal, eh?).

Barring an extreme sell-off, I expect BTC to Bounce upward from a price between the 19,696 support  and the congruence of the two diagonal supports at ~19,770.

NOTE: this was drawn in Bybit, and prices seem to vary considerably by exchange, so I recommend you draw your own lines. For buying/selling aciton, you may also choose to draw the support lines at the lower tails of the lower liquidity zone. As always, if you look to a Tater for financial advice, you'll probably get all mashed.

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