Bitcoin - analysis on 4H

RSI , MACD & RVI reached their resistance lines on 4H, therefore, it is safe to expect the price to go down to its TP1 at 57050 USD level. The price may still go up to 59300 USD before or after this correction. The chart shows main channels: the main one is in pink colour, the flat is in black colour that the price recently broke out off and the new potential channel is in green colour.

Thereafter, it's best to watch the price action closely. In principle, the price could go all the way up to 65000 USD. However, it needs to stay in this area and bounce off the blue trend line first as a confirmation.

Therefore, it would be wise to see how the candle on 4H and 1D closes at the end of today. I am more in favour of the price going down to TP2 at 55600 USD, followed back by a small correction and then proceeding with a dump to 50500 USD.

Let's see how it plays out.

Trade active:

TP1 has been taken, 38.2% on Fib at 59300 was reached. Currently there is a descending triangle on 15M. The price can go eather way. However, I have updated my chart. You can see that on 4H, three candles have bounced off the green resistance line forming a pin bar. Therefore, it is plausible to expect the price to hit TP2 anytime soon.

I the price bounces off the bottom green line (support) - then we have a channel formed of green lines and can expect the price to go towards 62000 USD.

Trade active:

A diamond pattern is now forming on H1 - shown in red colour on my chart. The price can still go up and down within such diamond formation. However, given that this pattern was formed from an uptrend, a reversal price movement is to be expected. Hence, the price should go down to 55000-54200 USD. This would be a good area to go LONG. If you are currently in SHORT, then exit TP at 55600-55300 USD to be on the safe side.

Trade closed: target reached:

TP2 has been reached as expected.