BTCUSDT 4H Timeframe
Please note, this TA is based on Daily and 4H tf.
BTC has broken out of the blue falling wedge. Unlike many others I believe that this could not be interpreted as a Fake break out. You just need to zoom out. It is currently retesting the wedge which took longer than normal for two main reasons, one is the new Covid which put fear on the markets, second is the tough resistance area ahead.
If this break out fails we will have the white line as local support and the red line as the global support. In case of failed break out and BTC getting back into the wedge, I expect a bounce from either of these supports, which could be assumed as a recovery or continuation of the bull run. Bull run continuation is more possible to take place at this period and according to the chart.
There two possible scenarios and the yellow line seems more likely to happen according to today’s chart!
This is my personal opinion and please do your own analysis before taking any position and enter any position only after assuming you as the responsible person. Trade at your own risk!
Please note, this TA is based on Daily and 4H tf.
BTC has broken out of the blue falling wedge. Unlike many others I believe that this could not be interpreted as a Fake break out. You just need to zoom out. It is currently retesting the wedge which took longer than normal for two main reasons, one is the new Covid which put fear on the markets, second is the tough resistance area ahead.
If this break out fails we will have the white line as local support and the red line as the global support. In case of failed break out and BTC getting back into the wedge, I expect a bounce from either of these supports, which could be assumed as a recovery or continuation of the bull run. Bull run continuation is more possible to take place at this period and according to the chart.
There two possible scenarios and the yellow line seems more likely to happen according to today’s chart!
This is my personal opinion and please do your own analysis before taking any position and enter any position only after assuming you as the responsible person. Trade at your own risk!