Bitcoin (BTCUSD) continues trading within a very narrow range. The tendency continues to be bearish-sideways, with the potential of a bullish breakout (falling wedge). You can see the details drawn on the chart.
Conditions for change: If Bitcoin is to continue falling, you can expect support within the $3215 and $3280 range.
If this range holds as support, you can expect a bounce from here and a great place to go LONG.
If this support breaks, Bitcoin (BTCUSD) goes down and closes below $3215.2, then we can look for additional bearish action and a new analysis is needed.
Support and resistance levels:
Immediate resistance sits at $3462.3. This is the first resistance that needs to be broken if Bitcoin wants to move up.
Immediate support sits at $3405.3. This is the first support that needs to be broken if Bitcoin wants to continue moving down.
What's your take on Bitcoin's next move, bearish or bullish?
Please share your thoughts, questions and charts in the comments section below.
Thanks a lot for reading.
Remember to hit LIKE to show your support.
Namaste.
Comment
⋅
Solid move by BTC on the 4H TF. A close above $3490 in this time frame will signal really good strength:
- The volume is building up. - Bullish MACD crossover. - Bullish RSI.
@Sigil_Tech, Thanks for sharing. I see we have the same chart.
Boon2
⋅
BTCUSD H4 Correction up. Checkout the idea detail's and all the update's for the complete picture.
AlanSantana
⋅
@Boon2, Your correction up might be finally starting...
Boon2
⋅
@alanmasters, Yes will see, need H1 higher high and i'll be more convinced.
AlanSantana
⋅
@Boon2, Take a look at Litecoin, would you consider it an indication of the market moving, since Bitcoin and Litecoin are both linked?
Boon2
⋅
@alanmasters, Hmmmm I'm not really one that follows correlation but I took a quick look. To me I don't think it's a bullish reversal, price action isn't suggesting a reversal to me. One more down I would think but it pay's to buy these C waves when price is so low as you never know. (hope it's the right chart you were referring to)