Bitcoin hit 20k as I told you in my previous analysis after a clear breakout and retest of Ascending channel.
Now the price is testing the key level, where this dump began, and where the market printed the previous HL on the daily timeframe.
On the Daily we can spot a clear W pattern, usually, the market wants to retest its neckline. In that case, the neckline is on 0.618 Fibonacci level on the daily timeframe,
About the 4h timeframe, we can see a false breakout above the local HH and on the 4h supply.
What's next?
If the price is going to lose the 4h support on 20k and retest it as new resistance, we could see a retracement until the 0.618 Fibonacci level.
Otherwise, If the market is going to close with a volume above 21600, we could see a new bullish scenario.
Bank Holiday in the USA (Martin Luther King Jr. Day)
Now the price is testing the key level, where this dump began, and where the market printed the previous HL on the daily timeframe.
On the Daily we can spot a clear W pattern, usually, the market wants to retest its neckline. In that case, the neckline is on 0.618 Fibonacci level on the daily timeframe,
About the 4h timeframe, we can see a false breakout above the local HH and on the 4h supply.
What's next?
If the price is going to lose the 4h support on 20k and retest it as new resistance, we could see a retracement until the 0.618 Fibonacci level.
Otherwise, If the market is going to close with a volume above 21600, we could see a new bullish scenario.
Bank Holiday in the USA (Martin Luther King Jr. Day)
Comment:
still testing
Comment:
The price is testing the support right now