Where’s the Most Likely Pullback Support for BTC? 

With Bitcoing showing a “Golden Cross” today with the 50 day SMA crossing above the 200 day SMA, this is a perfect time for pro traders to “fade the herd” likely to jump on board this bullish signal. BTC has an exhausted Weekly chart and the probabilities are elevated of seeing a pullback in the near future. 

Where should the price find support? 

The first area that I like to look for is the standard Fib Retracements of 38.2%, 50%, and 61.8%. 

This shows that the 38.2% retracement is at the 21235 level, and the 50% retracement is at the 20301 level on BTC. I like the idea that the price might find support above the 200 day moving average in green, so this favors the 50% retracement at 20301. 

Now let’s throw on volume profile for the last several months; we don’t need more data than that. Where is the volume profile showing support and resistance? 

Very interesting…this shows that there is really strong profile support from about 19000 up to 21200, which is right where the 38.2% retracement is. This shows me that price might have a difficult time retracing back UNDER $21k, so it might line up nicely with the 21235 fib retracement. 

Watch for an RSI hook signal long to show up if the price finds support at 21k!