BITCOIN FAKEOUT DUMPED TO SUPPORT: WILL 33.3K HOLD?
In yesterday's post, I mentioned that it was important for Bitcoin to break above the 200MAs on the 4H timeframe at 36.3K. Failure to do so would likely result in a dump as price has been rejected multiple times from the 200MAs on the 4H timeframe. Moreover, should this rejection result in a close back within the triangle at 34.8K, then we will likely see further downward price action. Unfortunately, that is exactly what happened, as the breakout above the triangle was a false breakout and bull trap. Fortunately the move was large enough for us to secure profits. This goes to show how important it is to take profits, especially in rangebound conditions where price is likely to ping pong up and down.
Now Bitcoin is back within the triangle and testing the bottom of the triangle. Price is getting very close to the apex of the triangle, so there will likely be a breakout sooner rather than later. I'm waiting for price to breakout before entering into a new position. If price breaks below the triangle, then 30K is back in play. If price breaks up again, then 36K is the immediate level that price needs to conquer.
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!
Now Bitcoin is back within the triangle and testing the bottom of the triangle. Price is getting very close to the apex of the triangle, so there will likely be a breakout sooner rather than later. I'm waiting for price to breakout before entering into a new position. If price breaks below the triangle, then 30K is back in play. If price breaks up again, then 36K is the immediate level that price needs to conquer.
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!
