BITCOIN LONG 200% PROFIT: CONTINUE TO 40K OR BACK DOWN TO 30K?
In yesterday's post, Bitcoin was consolidating in a horizontal channel and I entered a long upon a break to the upside, and that trade is 200%+ in profit. You can see my previous post linked in the related ideas section or my video analysis for a detailed view.
Looking at the 4H timeframe, we have a few factors at play:
1. price broke out of the triangle, which is bullish. That said, even if this is a genuine breakout, there is still the possibility that price comes back to retest the backside of the triangle as support before continuing higher.
2. price is running into the 200MAs as resistance. As can be seen in the chart, the 200MAs has served as strong resistance for the past few weeks and price was rejected each time. It will be critical for price to break the 200MAs to make a larger move upwards. Ideally price can close above both the 200SMA and the 200EMA at 36.3K
3. price also seems to be traveling within an ascending channel, so if price does break above the 200MAs, then the top of the channel, at around 38.5-39K could be the next target, depending on how long price takes to get there
If prices fall back within the triangle, especially a close below 34.8K, then bulls will need to be careful because it will be a likely false breakout combined with a rejection from the 200MAs.
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
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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!
Looking at the 4H timeframe, we have a few factors at play:
1. price broke out of the triangle, which is bullish. That said, even if this is a genuine breakout, there is still the possibility that price comes back to retest the backside of the triangle as support before continuing higher.
2. price is running into the 200MAs as resistance. As can be seen in the chart, the 200MAs has served as strong resistance for the past few weeks and price was rejected each time. It will be critical for price to break the 200MAs to make a larger move upwards. Ideally price can close above both the 200SMA and the 200EMA at 36.3K
3. price also seems to be traveling within an ascending channel, so if price does break above the 200MAs, then the top of the channel, at around 38.5-39K could be the next target, depending on how long price takes to get there
If prices fall back within the triangle, especially a close below 34.8K, then bulls will need to be careful because it will be a likely false breakout combined with a rejection from the 200MAs.
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!
Comment:
Bitcoin testing 200MAs on the 15min chart, which is also the backside of triangle resistance. Let’s see if this area can flip from resistance to support. Waiting for at least a 15Min candle close above 35.3k to indicate bulls are coming back
