BTC/USD: Weakness of price action in H4 timeframe
Bitcoin forming a bearish rejection in H4 timeframe and it's forming a resistance around $39,560 USD. So, the long position in Bitcoin may to fall about my target to $43,500 USD. As I look a new perspective to shorting Bitcoin.
Now, the H8 timeframe it's very clear this resistance zone and also, it's forming a bearish hanging man in this timeframe, but I don't know exactly this pattern name, but I know very good their psychology that it's a bearish pattern.
Now, depending how we closed up the Daily timeframe, I will decide if Bitcoin wil shorting to $30k to keep this trade.
Now, in H4 timeframe, I look that Bitcoin touch the 0.618% of this Fibonacci Speed Fan and forming a clear resistance of this zone and also, combining with price ation as I say a bearish engulfind and a shooting start pattern, because it's for this wick that formed a rejection of bull continuation and also, combining with this bearish engulfing, I will take decision to short now Bitcoin toward $30,000 exatly. But be cautelous, because from this analysis in H4 timeframe, we could to forming too a Shoulder Head Shoulder Inverted, if that pattern occur, Bitcoin could be bullish again from $36,600 USD approx. But, I will keep this position until I see this price at $36,600 USD if we break down this weak demand zone.
So guys, if you have any question or comment, you can to get an answer in this analysis in the comment box and I see your question or comments.
Now, the H8 timeframe it's very clear this resistance zone and also, it's forming a bearish hanging man in this timeframe, but I don't know exactly this pattern name, but I know very good their psychology that it's a bearish pattern.
Now, depending how we closed up the Daily timeframe, I will decide if Bitcoin wil shorting to $30k to keep this trade.
Now, in H4 timeframe, I look that Bitcoin touch the 0.618% of this Fibonacci Speed Fan and forming a clear resistance of this zone and also, combining with price ation as I say a bearish engulfind and a shooting start pattern, because it's for this wick that formed a rejection of bull continuation and also, combining with this bearish engulfing, I will take decision to short now Bitcoin toward $30,000 exatly. But be cautelous, because from this analysis in H4 timeframe, we could to forming too a Shoulder Head Shoulder Inverted, if that pattern occur, Bitcoin could be bullish again from $36,600 USD approx. But, I will keep this position until I see this price at $36,600 USD if we break down this weak demand zone.
So guys, if you have any question or comment, you can to get an answer in this analysis in the comment box and I see your question or comments.
Trade closed: stop reached
We forming this ascending triangle and this it's considered a bullish pattern.