On the 4hours time frame, the price chart of BTCUSD has been been spotted forming a widely spread chart pattern.
This chart pattern is looks wide, has a high rate of failure. We looking to first seeing price drop through the major support before the third of the horizontal support at $7741.58. The 55EMA serving as another major resistance holding price down from breakout to the upside is also something to keep an eye on.
We advise all traders to be more careful at this point, as the price of BTC is consolidating and tends to liquidate traders who take close swing trading position. Advisable to wait for perfect breakout before opening a position.
The following price levels are what to keep an eye on:
Major support levels: $8190.31 and the horizontal support(completion of the chart pattern) $7741.58.
After these levels has been met, the following price targets below are the most important levels for down targets:
Support 1: $7480.93
Support 2: $7174.08
Support 3: $6893.77
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Ideas published should not be referred to as an investment advice