Hello all, here we start the chart work on bitcoin again. On this technical analysis, I will cover the movement of the bitcoin on smaller degree, we use the 4 hours time frame to analyse this movement for bitcoin. Let's get start!
Just like what I've wrote on the title of this analysis, I call the blue areas 'sweet spot'. Just like what you've seen on the chart, since the January 10th, the price has consistently bounced of this blue regions as well. This blue region is the previous broken resistance that become a support in the upcoming moves. However, if you use this break out strategy, since in the beginning of the January, you'll get a tremendous amount of profit.
And in the last period of price action, the price has already tested the previous broken resistance that becomes a support as well and it bounced! will this be another sign to forms an upward movement? if yes, the next target will be on the white zone which I've anticipated on my previous post.
Just like what I've wrote on the title of this analysis, I call the blue areas 'sweet spot'. Just like what you've seen on the chart, since the January 10th, the price has consistently bounced of this blue regions as well. This blue region is the previous broken resistance that become a support in the upcoming moves. However, if you use this break out strategy, since in the beginning of the January, you'll get a tremendous amount of profit.
And in the last period of price action, the price has already tested the previous broken resistance that becomes a support as well and it bounced! will this be another sign to forms an upward movement? if yes, the next target will be on the white zone which I've anticipated on my previous post.
