Hello, I am back with an idea on the BTCUSDT chart in the 4h time frame. What it's interesting about this pattern is that it has formed an ascending broadening pattern with a few impulsive waves. You can see clearly all the patterns formed in the chart and the way I have followed it with the small time frames and also 4h and daily.
The ascending broadening pattern is usually a bearish continuation pattern (only a few times indicates a consolidation move) and it is a small correction of the bearish movement. Looking at the weekly chart, I do not like how BTC looks like in that chart, and I think we are experiencing a bullish corrective movement probably topping around 48-50k before we see the bearish trend continuation or maybe a consolidation, dependable in the support and resistance areas. The 4th wave may be finished and we are about to experience the last wave as the 41.5 area was hit and it is forming a bullish flag. But in my opinion, this pattern looks as a bearish continuation and I expect to retest the 30s. However I would not remove the possibility of a corrective market at this moment and preparing for the next move, doing sideways movement for a while. Do not forget to manage every trade with a SL, but a small bullish trend is about to happen and in the mid term, I still see it bearish. We need more volume and also the news make it even more uncertain in which direction. But you can make profits trading in the areas mentioned.
If you have any comment, you are welcome. :)
The ascending broadening pattern is usually a bearish continuation pattern (only a few times indicates a consolidation move) and it is a small correction of the bearish movement. Looking at the weekly chart, I do not like how BTC looks like in that chart, and I think we are experiencing a bullish corrective movement probably topping around 48-50k before we see the bearish trend continuation or maybe a consolidation, dependable in the support and resistance areas. The 4th wave may be finished and we are about to experience the last wave as the 41.5 area was hit and it is forming a bullish flag. But in my opinion, this pattern looks as a bearish continuation and I expect to retest the 30s. However I would not remove the possibility of a corrective market at this moment and preparing for the next move, doing sideways movement for a while. Do not forget to manage every trade with a SL, but a small bullish trend is about to happen and in the mid term, I still see it bearish. We need more volume and also the news make it even more uncertain in which direction. But you can make profits trading in the areas mentioned.
If you have any comment, you are welcome. :)