Happy Saturday Traders, Investors & Gamblers 😃
After hitting our price targets we are waitig for a sign from Bitcoin to see in which direction we can expect the price action to go.
This is a quick update on the 4h chart looking at different confirmation levels:
- Horizontal:
The Green Box is our key resistance which we want to close 4h candles above in order to confirm further upside.
The white box is our lowest point at which BTC can continue to make higher lows on the larger TFs
- Ascending Channel:
The support (Red dotted line) is our most Bullish option here for Bitcoin as a bounce would take us straight back to the the range highs.
- Bull Flag:
We have to consider that most continuation patterns, bullish or bearish, during weekends have broken mostly sideways in recent weeks, hence we have to look closely at the 21.500$ area, a 4h close below could take us straight down to the white box and support of the widening wedge (see below)
- Widening Wedge:
The support (lower white riffled line) in line with the previously mentioned white box, a bounce here is BTCs last hope to continue in an uptrend. A break and 4h candle close below could indicate further downside to the range lows.
- Conclusion:
On the downside we have to look at the 21.500$ area to hold and send us back to the range highs, or we are likely to get back down to the wedge support and white box around the key level of 20.300$
On the Upside nothing has change we are still looking to close 4h candles in or ideally above the green box (22.500 - 22.800)
I would like to add that this is only for educational purpose and in no way a guarantee that it will play out this way, nor is this or are any of my posts financial advise.
As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys! 😃🙏
Happy Trading ✌♥📈
After hitting our price targets we are waitig for a sign from Bitcoin to see in which direction we can expect the price action to go.
This is a quick update on the 4h chart looking at different confirmation levels:
- Horizontal:
The Green Box is our key resistance which we want to close 4h candles above in order to confirm further upside.
The white box is our lowest point at which BTC can continue to make higher lows on the larger TFs
- Ascending Channel:
The support (Red dotted line) is our most Bullish option here for Bitcoin as a bounce would take us straight back to the the range highs.
- Bull Flag:
We have to consider that most continuation patterns, bullish or bearish, during weekends have broken mostly sideways in recent weeks, hence we have to look closely at the 21.500$ area, a 4h close below could take us straight down to the white box and support of the widening wedge (see below)
- Widening Wedge:
The support (lower white riffled line) in line with the previously mentioned white box, a bounce here is BTCs last hope to continue in an uptrend. A break and 4h candle close below could indicate further downside to the range lows.
- Conclusion:
On the downside we have to look at the 21.500$ area to hold and send us back to the range highs, or we are likely to get back down to the wedge support and white box around the key level of 20.300$
On the Upside nothing has change we are still looking to close 4h candles in or ideally above the green box (22.500 - 22.800)
I would like to add that this is only for educational purpose and in no way a guarantee that it will play out this way, nor is this or are any of my posts financial advise.
As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys! 😃🙏
Happy Trading ✌♥📈
