Time Frame: 4H
We are currently trying to go above the purple resistance line on the chart. At the moment, the lack of strength to penetrate through the resistance could indicate weak demand for BTC . Other than that, we also have possible taking scenario, where the price could drop to around 5200 euro area. I marked two green exclamation marks where I think the price will bounce off. This only means a retest of support and does not ensure a scenario. In this situation, we should wait for the price to close above the purple resistance line and see if we have enough support to hold that level. A heavy drop could fall upon if the price cannot close above the resistance line within a couple of hours. On the , we can see that we have already crossed to the upper side, but it could easily turn downwards also. The momentum is not strong enough yet. left the oversold area around one day ago, and lies currently around 40. This means that a lower price or a higher price could be reached (neutral). If the price would reach the 200 then a retest to the dotted red line would probably happen. A scenario would take place afterwards. We also have a which points towards negative.
Overall conclusion, wait for clearer signal to get in a position.
Note: Regarding altcoins, I do not trade altcoins at the moment due to uncertainties around this market. Positive news may bring the market up for a certain period of time, but the negative news drops all the gains faster than a person can react.
The bulls are currently trying to pierce through the upper line of bear channel. A penetration through could result in a higher price, only if 4h closes above the channel.
We are breaking out of the 30 min flag and on 4H, it looks positive also. Next target would be around 8450 EUR before pullback.
Seems like it was a bull trap. In 1 hour, if it closes below the line then yes... prepare yourself