What's up traders, I hope you're all having a good trading week.
Let's analyse BTC/USD on the 4H chart.
This analysis is a follow up analysis of my previous Bitcoin 0.06% (See related ideas below for details of my original analysis for more information), and I strongly recommend reading the previous analysis so you can better understand this one, and how it is playing out perfectly in accordance with my previous analysis.
When analyzing this chart now, it is clear there is a side-wards support level in play, which was likely responsible for the down move pausing in Bitcoin today. As it stands, the downtrend began, and the falling knife was only caught at the side-wards support line where there was a bullish engulfing signal.
The engulfing signal shows significant bullish participation, but let's look at the facts...
Bitcoin is currently under major moving average resistance after a huge downfall, and a death cross also recently confirmed too. This shows strong weakness. Also, I have not illustrated on the chart for simplicity purposes, but there is also a side-wards resistance line that converges right where the moving averages lie. for this reason, looking for a buy isn't smart.
I am expecting Bitcoin to go to the upside over the next couple of days PERHAPS. But, it will NOT be an impulsive move, I am expecting just a gentle upside correction before further downside.
I will update this analysis when I receive above 40 likes.
Let's analyse BTC/USD on the 4H chart.
This analysis is a follow up analysis of my previous Bitcoin 0.06% (See related ideas below for details of my original analysis for more information), and I strongly recommend reading the previous analysis so you can better understand this one, and how it is playing out perfectly in accordance with my previous analysis.
When analyzing this chart now, it is clear there is a side-wards support level in play, which was likely responsible for the down move pausing in Bitcoin today. As it stands, the downtrend began, and the falling knife was only caught at the side-wards support line where there was a bullish engulfing signal.
The engulfing signal shows significant bullish participation, but let's look at the facts...
Bitcoin is currently under major moving average resistance after a huge downfall, and a death cross also recently confirmed too. This shows strong weakness. Also, I have not illustrated on the chart for simplicity purposes, but there is also a side-wards resistance line that converges right where the moving averages lie. for this reason, looking for a buy isn't smart.
I am expecting Bitcoin to go to the upside over the next couple of days PERHAPS. But, it will NOT be an impulsive move, I am expecting just a gentle upside correction before further downside.
I will update this analysis when I receive above 40 likes.
Price is falling hard and consistently. I am expecting the downside will continue to around 6880, before a new potential trade.