BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Most of the things have been explained in the Chart.

Bears minimum objective is marked on chart, 31,300 - 30,300. Here, We can expect bears buying back their short and when both bulls and bears buy, It is called Support therefore it is very likely to see buying pressure is building up.

If Bears are willing to sell the lows also then we might have bear trend but that is not confirmed yet as the price action on daily chart do not have any reason for bulls not to buy again.. We are having a Double Bottom Set-up on daily chart so expect this 4H Chart price action to part of a Trading Range ( TR ) on 4H Chart. Any buying from 31,300 - 30,300 area would be a Bull leg in TR for 4H Chart and Bull Flag on Daily Chart .

Tip : Correlate analysis of Gold and Bitcoin to obtain macro view about these assets in upcoming months.
Comment: Bitcoin Update - 4H Chart

Updating the Bull Trend Reversal Set-up.

Minimum Objective was achieved by Bulls and looks like Bulls are not convinced to buy because of their rally. This usually happens in Bear Trend so we can conclude Bear trend on 4H Chart.

Comment: Bitcoin Crucial Update

If we considered the Green Highlighted in Chart, as the Bull Resumption Rally, It is clearly weak and makes me think of it as kind of Bear Leg in Bull trend. It would help If Today's Daily Close is fat and closing around 28000.

I believe we might have another leg down till 25427
Another Level is marked 22580 but should only considered if the above level is broken.

This Idea is valid only if we break below 28880 Only

Comment: Bitcoin 4H Chart

If you wanna know if there is a set-up on 4h or not.

This is what I call HL MTR : Higher Low Major Trend Reversal

All of the parameters are checked.

MTR is always 40% success and 60% counter success as trading with trend is stronger. Also, 40% probability is compensated my minimum risk/reward

Comments

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