Here we have BTC/USDT on the 4H chart.
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this morning, Bitcoin is sitting at just under $10,500 after sliding dramatically from a high of almost $12,000 on Tuesday.
Price is due for some upside. Price has been trading between the upper horizontal resistance zone at 10700 and 9795 for a considerable period of time. There is a side-wards support which I have illustrated on the chart which perfectly coincides with the horizontal support at 9795 so this could prove to be a good opportunity to buy.
This trade could play out in 2 ways:
-Price successfully tests the horizontal support at 9353, and simultaneously tests the side-wards support line and then goes to the upside. Since there is a side-ward and horizontal support level in play, this makes the level harder to break, and could prove a nice level for price to finally start getting upside, to the upside to 10700.
-Price tests the support zone at 9353, and the side-wards support line then bounces. The bounce could not have much momentum behind it,
and could result in either: A double bottom ; or an outright failure to the downside.
Technical analysis shows that BTC may have survived it’s most violent reversion to the mean since 2015, which would be confirmed by a new all time high. Low timeframe indicators have been suggesting strong buying opportunities.
Dont forget to follow if you want to be informed ;)
this morning, Bitcoin is sitting at just under $10,500 after sliding dramatically from a high of almost $12,000 on Tuesday.
Price is due for some upside. Price has been trading between the upper horizontal resistance zone at 10700 and 9795 for a considerable period of time. There is a side-wards support which I have illustrated on the chart which perfectly coincides with the horizontal support at 9795 so this could prove to be a good opportunity to buy.
This trade could play out in 2 ways:
-Price successfully tests the horizontal support at 9353, and simultaneously tests the side-wards support line and then goes to the upside. Since there is a side-ward and horizontal support level in play, this makes the level harder to break, and could prove a nice level for price to finally start getting upside, to the upside to 10700.
-Price tests the support zone at 9353, and the side-wards support line then bounces. The bounce could not have much momentum behind it,
and could result in either: A double bottom ; or an outright failure to the downside.
Technical analysis shows that BTC may have survived it’s most violent reversion to the mean since 2015, which would be confirmed by a new all time high. Low timeframe indicators have been suggesting strong buying opportunities.