4 HR BULL DIVERGENCE NEXT 12-24 HOURS 9700 TURNS SUPPORT?????
Currently been in the works of planning and creating my potential long term trading position for #BTC. After doing numerous technical analysis throughout the last 2 months I've came to the conclusion we've slowly been transitioning from the 2 year downtrend (we just broke resistance at 10k) but then that death candle appeared out of nowhere. That was a stop hunt in my opinion and nothing but attracting more liquidy to the market to create stronger momentum for a bullish divergence to in fact play out. We've now tested the 10k resistance level 3 different times and have wicked above it another I believe. December 4th 2017 is when we peaked at the price of $20,154. It wasn't until June of 2019 where we decided to take another shot at the big 10k resistance level. We have VERY strong support at 9494. thus being said, we've been consilidating and in the 9k region for some time now and ranging above 8500 since April (it's now June so 3 months) and the last week have found support in the 9400 region. Even after the massive red candle today the bulls have recovered and showed they're serious about potentially planning a big move either this month or maybe July. Anything is possible but this is just my thought process and everything going on in my mind when making decisions for my position I've entered. Thinking with logical and rational and seeing things for how they are is very important especially for such a high risk asset like BITCOIN (thats what i find so interesting about it). This whole Technical Analysis I've done tonight has showed me it might be time to spook bears on a regular bias. BTC loves to thrive off evil situations and 2020 is a perfect time to breakout of the 2 year downtrend. June could be the start to BTC history in the next 1-30 years.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.