Yesterday I pointed out the key level, which was needed to be broken to the upside to start the uptrend, today we saw the clear breakout, the 4h candle closed above it.
On the 4h timeframe BTCUSDT chart of the WhiteBit exchange we can see the breakout of trendline resistance. Is it false breakout? I don’t think so! Why? First of all, because the Bitcoin price finally broke the key fractal level which have been tested multiple times. On the other hand this fractal level coincided with the volume profile key level – the price where the maximum amount of Bitcoins have been traded recently.
Key fractal level now was shifted to $20300. The 4h candle close below it invalidates our long scenario. Which targets are applicable to our long trade? The very high probability target is the July central pivot + resistance level at 23k. Now I want to anticipate only this target, but if the price will show the great bullish momentum, the last target is the 4h supply zone at 27k. Let’s see.
Looking like it may actually sustain above 21K, at least 20.5k looks near certain to be sustained. Nice prediction the other day!
Skyrex
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@WPTraders, thank you sir!
WP_traders
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@SkyrexTrading, You're welcome. I hope it has silenced the haters for a couple of days. Either or is playing out. I personally feel scenario A or somewhere close to it playing out and the R1 (Orange line) could then flip to support. Alternatively, there is chance of a pullback towards the 50EMA and the last blue vector candle around the $20.1-20.3k region before starting the bullish price action all over again. OBV has increased and followed prices given signal that prices are going to be sustained above the 20k level, at least over the remainder of the week/end. Accumulation has taking place significantly as well, average buy volume is up as well from the previous 14 days. As much as I want BTC to fall lower (as Im currently in a short from 20.8k, FOMO made 90% of this decision unfortunately), I don't think it will happen. I am sitting in two minds whether to hold out or minimise my position if I enter profit to at least minimise my losses if we do continue upward. My SL looks likely to be hit before it goes back into profit though. 4H technicals across MACD, RSI, Stochastics, CMF and ROC all are confirming bullish sentiment and momentum again, 20k is here to stay for the rest of the week, good potential going into next week as well. I did mention about how the inflow into the BTC short ETF could signal bullish action in one of your previous posts, perhaps this going to be a reliable trend/strategy? I hope your positions are in profit this week, I have been very lacking with my analysis this week. Perhaps a holiday is due! Many thanks for sharing, best of luck.
WP_traders
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@SkyrexTrading, I hope you went long 2 days ago!! I got rekt today.