Bitcoin - The 5 Structure Resistance Levels

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Currency Pair: BTC .USD
Time Frame: Daily
Predicted Direction: N/A

Live BTC .USD updates will be available in the comments section below.
Comment: I just wanted to clear up a couple of questions.

Currently price is rejecting the 4hr 50EMA, should we accelerated away from this level ( to the downside ) then i see price testing $6,000 once more, if we break the 4hr 50EMA then look to the daily TF above which is the 1st resistance where price is likely to test.

Comment: Price testing the 4hr 50EMA for the second time, a couple of hours yet until the candle closes so something to keep an eye on.
Comment: 1hr bearish RSI divergence as price runs into 4hr 50EMA resistance, downside is possible in the coming hours.

Comment: Price has now once again rejected the 4hr 50EMA,
Should price break and close below $7450 i see a short opportunity.

Comment: Price is now testing the 1st level of resistance from the descending trendline.
Comment: Should price break and close below $8120 i expect a second retest of $6,000

The break and close below $8120 would mean the 1hr ascending trendline, 1hr 50EMA & 4hr 50EMA would be breached aswell as forming a high-test rejection candle on the Daily timeframe confirming resistance 1.

Comment: Perfect rejection of 1st resistance level on the Daily timeframe.
Price has now broken ascending 1hr trendline as expected.

Comment: Short opportunity now available.

Comment: A trade opportunity to keep an eye on :-)

Great Call to the 10!
The 5 daily structure levels were very informative. Thank you Tom!
+1 Reply
Could this mean a downtrend to 6k? @TomHall
whoselife dharmie2904
@dharmie2904, pls check latest update above, "Comment: Short opportunity now available."
+1 Reply
First of all, thank you very much for a consistent and succinct analysis.

I put the above limit order two days ago.
In your opinion, what is the likelihood of a pullback towards 8300?
TomHall hizotmar
@hizotmar, My please, thank you for the message.
It's always unknown, unfortunately especially with bitcoin it's something that requires monitoring more than that of the FX market due to the lack of historical data, i would personally monitor price per day and update your position accordingly.
1hr candle about to close under $8120! Or is 4hr confirmation needed?
TomHall userbeauty
@userbeauty, The 1hr was needed, we are now seeing a sharp sell off, we will see if it continues.
+1 Reply
dear TomHall, would you please update now for 1h 50ema and 4h 50ema ?
+1 Reply
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