BITCOIN NEEDS TO HOLD CRITICAL 34K OR RISK BIGGER FALL!
On the 1H timeframe, Bitcoin has broken above the 200MAs and is now retesting it as potential support. If price forms a bullish reversal pattern along with strong volume, then I will enter into a long position. However, if price fails to bounce strongly here and actually closes below 33.5K, then price might fall down to the 61.8 Fib at 31.7K.
Zooming in to the 15Min TF, we see that price initially broke out of the ascending triangle at 35.3K, where we put in a long position. When price reached the second ascending triangle at 36.5K, bullish momentum started to stall and we took partial profits and moved up our stop loss. Price failed to break up from the triangle, instead breaking down and price has been in a small downtrend since that point of breakdown, falling straight through the 200MAs at 35K.
Zooming out onto the 4H timeframe, we get a hint at why price stalled at 36.5K. We see clearly that this is the 61.8Fib on the 4H timeframe. Bitcoin has a tendency to bounce at the 61.8Fib and the 200MAs, so when price on the 4H tested the 61.8Fib, it provided resistance on the lower timeframes, requiring extra bullish momentum to break through.
In conclusion, if the 200MAs at 34K on the 1H timeframe doesn't hold, then the rejection of the 61.8 on the 4H timeframe will likely lead to a larger correction down and not just a slight bounce , which is what has happened so far. That's why 34K support level is super important for the immediate to the mid term.
Hi guys, this is OG back with another market update. If you find value in my work, please do like, share, and comment. And also feel free to share your ideas and technical analysis in the comments below.
Check out my daily videos for more in-depth technical analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
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1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
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As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
Zooming in to the 15Min TF, we see that price initially broke out of the ascending triangle at 35.3K, where we put in a long position. When price reached the second ascending triangle at 36.5K, bullish momentum started to stall and we took partial profits and moved up our stop loss. Price failed to break up from the triangle, instead breaking down and price has been in a small downtrend since that point of breakdown, falling straight through the 200MAs at 35K.
Zooming out onto the 4H timeframe, we get a hint at why price stalled at 36.5K. We see clearly that this is the 61.8Fib on the 4H timeframe. Bitcoin has a tendency to bounce at the 61.8Fib and the 200MAs, so when price on the 4H tested the 61.8Fib, it provided resistance on the lower timeframes, requiring extra bullish momentum to break through.
In conclusion, if the 200MAs at 34K on the 1H timeframe doesn't hold, then the rejection of the 61.8 on the 4H timeframe will likely lead to a larger correction down and not just a slight bounce , which is what has happened so far. That's why 34K support level is super important for the immediate to the mid term.
Hi guys, this is OG back with another market update. If you find value in my work, please do like, share, and comment. And also feel free to share your ideas and technical analysis in the comments below.
Check out my daily videos for more in-depth technical analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
