Hello guys, this is a 4 chart, short term analysis of BTC/USD, as an opinion of where we are heading next.
I marked the support and resistance areas on the 4 Hour chart, after breaking through $4480 region, which appeared to be major resistance zone on the daily time frame, the price spiked immediately to $5100, and since then we have only gone higher, currently sitting at $5247.
I wanted to share with you the regions that i see interesting and i think we should have an eye on.
On the 4H time-frame, we have a resistance area around $5312 which needs to be broken for the price to reach my initial TP, $5550, but currently the volume on BTC/USD is very low, which makes me believe that we can see a spike to the downside before heading higher, keep that into the consideration i marked 2 downside areas, the first one being the $5100, and the second one $4962, which confluences with the prior spike to the trendline.
I marked the support and resistance areas on the 4 Hour chart, after breaking through $4480 region, which appeared to be major resistance zone on the daily time frame, the price spiked immediately to $5100, and since then we have only gone higher, currently sitting at $5247.
I wanted to share with you the regions that i see interesting and i think we should have an eye on.
On the 4H time-frame, we have a resistance area around $5312 which needs to be broken for the price to reach my initial TP, $5550, but currently the volume on BTC/USD is very low, which makes me believe that we can see a spike to the downside before heading higher, keep that into the consideration i marked 2 downside areas, the first one being the $5100, and the second one $4962, which confluences with the prior spike to the trendline.
Trade active:
The price has broken through $5312 region ( blue line ).
We need a close above this line, for the price to reach the first upside target $5500.
We need a close above this line, for the price to reach the first upside target $5500.
Trade active:
FIRST TARGET MET ( $5500 ),
BTC is gaining momentum,daily closure above the resistance area ($5312), will allow us to reach $6000
BTC is gaining momentum,daily closure above the resistance area ($5312), will allow us to reach $6000
Trade closed: target reached:
Price failed to close above $5312 resistance as i mentioned, which made us spike PRECISELY to $4962 ( Second Red Line ), but then closed above $5100 ( first red line) .
Now, we may continue to go higher
Now, we may continue to go higher
