It has been a while since I post anything here and that is mainly because over a dozen of good charts I made this year had been deleted. Anyway, I am back because I want to give everyone a heads up that Bitcoin is fast approaching a pivotal resistance level where the market needs to decide whether to lift Bitcoin out of the pits or drill it down further. Please give this chart a LIKE if you find it useful.
Given the indicators are already in overbought condition, the latter has a higher chance to materialize. There is still some momentum left for price to test that pivotal resistance (yellow dotted line) one last time so watch it closely for either a breakout or reversal. A successful breakout would take price to 4400 - 4600. Failure, on the other hand, would see price test the nearest support at 3950. There may be a small bounce up to 4100 before sellers push it lower to test the key support level at 3760.
More ideas to come so show your support by liking this chart and follow me. Good luck and trade safe!
Thank you for analysis, interesting that you discussed both breakout and reversal conditions. One notable thing in chart is percentage of each scenario you marked as %35 and %65, Is there any math behind these figures or just they show your opinion direction ? Thank you
qfina
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@kaskassa, Good question, I'd sure hope there is a mathematical calculation behind those numbers, otherwise this is just total bullshit whilst trying to look smart. I hope you get an answer!