BTCUSDT - Possible short term (4H) scenarios

Previous analysis

Waiting to see daily close but so far good signs supporting a move higher:

• Daily close at the 200 Daily MA
  
• 4H Doji candle indicating a short term reversal
  
• 4H channel in play with a bounce on the lower side
  
• Volume was average but couldn't break support
  

Short term targets

4H channel is in a downtrend but the next leg should be pushing towards $50000 in the upper part of the channel which is also aligning with our previous 2 LHs from the 2nd and the 3rd of December. Those acted as a fall to the $46000 range and that line will be tested again,
which again does fit with the 4H channel. Entry at $46800 is still a good setup

On the other side, BTCUSDT could break this channel - or go lower - if the volume isn't supporting this push and we could go to $45000 or to the next support at $41000. In that scenario tight stop loss below the lower part of this channel should be set.

Comment:

As you can see this idea has worked brilliantly. $50k is still the target to be reached but taking profits now or move the stop loss is a good idea.

A clean break of $50k will push this move to $54k as the next resistance.

Comment:

The previous downtrend retest was expected to fail - which is good - and we can see the price forming a local support around $47600 - $47800.

This should ignite the final push to break through $50000 and get out of this 4H channel.

Entering now - if you haven't already - around $47800 is a good entry but putting a stop loss below this local support should be considered.