10.1.2020 Update (Thu)
The big picture on the daily time frames
BTC remains in a bullish trend with the active seller group still selling in profit, which means buying the dips will still be the priority. As mentioned in the weekly outlook, we are in fairly complex Elliot Wave count territory. As a result, a must have entry requirement for longing the current situation is overly bearish short-term sentiment. The zones I’m interested in are 10k and 10.5k for now.
The ever changing battlefields on the hourly time frames
BTC for the short-term is range bound between 10.8k and 10.68k. If we find support at 10.8k, BTC will likely rise to 11-11.3k. If we falls below the 10.68k level, the supports are at 10.45k, 10.3k, 10k respectively. Which support level to long at? When both the 60min and 15min RSI shows bullish divergences at one of the levels.