Hello All,
My first BTC analysis so bear with me =)
We are looking at BTC on the 4 hour time frame.
BTC had 2 ascending channels that were broken. Short term is looking bearish until price can breakout of the current short term downtrend. $57k is an important support to hold to test a breakout of the downward short term trend line.
Scenario 1 BTC breakout above trendline and test ATH strong resistance at 60K.
Scenario 2 BTC range bound between 57k-60k then drop if price does not break 60K
200 MA would be good entry.
Scenario 3 BTC bounces off of downtrend line and tests $55,500.00
If a strong close below $55,500.00ish on the 4 hour chart we expect BTC to test lower supports.
Short Term… Waiting for confirmation
Long Term… Bullish
Mid Term… Bearish
I think we need to consider the Coinbase IPO effecting the price of BTC over the course of the next week.
Happy Trading or Hodling
This is not investment advice
“There are many paths to success but ONE must be taken”
My first BTC analysis so bear with me =)
We are looking at BTC on the 4 hour time frame.
BTC had 2 ascending channels that were broken. Short term is looking bearish until price can breakout of the current short term downtrend. $57k is an important support to hold to test a breakout of the downward short term trend line.
Scenario 1 BTC breakout above trendline and test ATH strong resistance at 60K.
Scenario 2 BTC range bound between 57k-60k then drop if price does not break 60K
200 MA would be good entry.
Scenario 3 BTC bounces off of downtrend line and tests $55,500.00
If a strong close below $55,500.00ish on the 4 hour chart we expect BTC to test lower supports.
Short Term… Waiting for confirmation
Long Term… Bullish
Mid Term… Bearish
I think we need to consider the Coinbase IPO effecting the price of BTC over the course of the next week.
Happy Trading or Hodling
This is not investment advice
“There are many paths to success but ONE must be taken”
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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.
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.