BITCOIN Strong August Resistance cluster! Break or rejection?

This is Bitcoin (BTCUSD) on the 4H time-frame as we are looking into the short-term price action on this particular analysis. As you see the price got rejected just below the Symmetrical Resistance that was first formed on the August 30 High. Since then we had another three (excluding the current) rejections or near rejections.

However, an even more important Resistance level that this, is the Lower Highs trend-line that started after the August 14 High. At the moment this is located exactly on the 0.382 Fibonacci retracement level, which is another important level as it supported from Aug 19 to 23.

So far the RSI on the 1D time-frame, hasn't hit the Resistance Zone that since July 19 has formed all major Highs, so there is some more room to grow. That is why I've plotted a potential Channel Up pattern (dotted lines) that fills up this void. As you see, there is high probability of trading within this pattern. A break below is a sell signal targeting the lower Support Zone (green).

A break above however will still be limited to the 1D MA100 (red trend-line) and the 0.5 Fibonacci level. Only a closing above the 0.5 Fib can be taken as a buy break-out signal and only on the short-term, towards the 0.618 Fib. We can only consider a longer term buy if the price closes above the 0.618 Fib and target the August High.

Do you agree with this short/ medium-term trading approach? Feel free to let me know in the comments section below!



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