Hey guys welcome for a short term Bitcoin, BTC update
now at the current situation its getting really messy to predict price direction for short term so better we take low risk trades and keep taking profits with small targets. now if we look at the bigger picture like above the daily chart, it clearly shows us that we're in a major downtrend where prices keep making lower highs with lower lows and still the upper trend line coming all the way from 13800 is most relevant support or resistance level we need to watch.
yeah we do beak that trend line when BTC jumped astronomically from 72xx to 103xx level, but clearly that was a false breakout and now we're again under selling pressure what i see in this chart that even after a huge sell pressure bulls are optimistic and look confident for another rally and most likely prices could retest the previous support zone 78xx-82xx which is now turned to be major resistance zone (indicated as green and red boxes respectively)
this level is also discussed in my 25th Nov update where i predicted a rally from 6500 to 78xx zone, if you've not checked it, here's the link as you can see the we perfectly drop from 78xx zone and now moving towards the same level for a potentially retest
here in this chart you can clearly see that first we made a 5 wave contracting diagonal formation which drived us towards +78xx resistance zone and than brought a corrective wave which bring us back towards 70xx support and now we're moving in the next impulsive wave which will clearly lead us towards 78xx - 82xx resistance zone.
my custom RSI in 4h chart.
in 1h we are loosing momentum and keep dropping, maybe a pullback or retest of support levels is possible towards 74xx - 73xx level, which could bring for us a nice long entry.
ok guys that's all for now, hope this idea will help you making money like the previous one's, dont forget to hit the like and follow me so that you'll keep supporting me & keep encouraging me...
love you all, god bless you... this is husain zabir signing out... thakyou...
Comment
⋅
Pomp it....
Trade active
⋅
Cool... prices dropped exactly towards 73xx-74xx zone as i expected, hope ur longs got filled, now most probably prices will start to gain strength for the next rally, have ur stops on the right place incase if am wrong. Expect for the best but be prepared for the worst...
Trade active
⋅
still bitcoin looks bullish unless it holds 21 monthly EMA as you can clearly see in this chart how perfectly 21 monthly ema hold prices for multiple times between 7050-7150, also my custom rsi in 4h chart has get in the green zone where prices have started to gain strength for the next rally, so honestly am bullish unless we make a daily close below 21 monthly ema
thanks for updating post. i had a question and that was my answer!
jollygreen
⋅
GL friend. I am trading in the opposite direction for now! I am pretty sure this is a contracting triangle.
Husain_Arkghazi
⋅
@jollygreen, good luck mate plus you could be right cuz daily chart is allover bearish and there's heavy sell pressure which suggests that prices could drop anytime
mbc47
⋅
Nothing is for sure my friend. Especially with BTC.
Husain_Arkghazi
⋅
@mbc47, absolutely bro nothing is for sure we must always be prepared for both sides
XBTTENTACION
⋅
I see the reasoning. But everyone wants to short that range, so we won't go that high. There's no reason for people to get a technically perfect short entry. Keep up the good work.