BitcoinUpdated Bitcoin last chance to rebound or will hitting 7k USD
Hi y'all, thanks for sparing little time reading my analysis. Looking at the 4H chart bitcoin, you could see that right now bitcoin is making another bear flag which is the 3rd time it testing the minor support trend line. Even though if bitcoin manage to rebound (again). Yet as you can see that the room to rebound is getting smaller and smaller due to narrowing minor resistance trend line. From my perspective, this means that this is the last chance for bitcoin to touch and breach the minor resistance trend line or else it will slide to test the major support trend line at approx. 7k USD. If it's succeed, bitcoin is like getting out from cramped room to widely meadow and have it's chance to test the major resistance once again.
Looking at the timeline which by the date range still have 12 bars or 2 day till the edge or minor resist and support. So maybe bitcoin may consolidate inside bear flag which also by coincidently (or not) waiting for the G20 news.
Looking at the timeline which by the date range still have 12 bars or 2 day till the edge or minor resist and support. So maybe bitcoin may consolidate inside bear flag which also by coincidently (or not) waiting for the G20 news.
Note
The bear flag currently has been pierce, that was fast lol. But we need to be affirm with the signal and wait till the candle finally close below the flag.Note
The price shoot up drastically w/o after hitting support on hourly chart, if there's no G20 News that we need to anticipate, I likely going in to bitcoin. But there's a possibility it's a bull trap with the resistance line as shown on purple stripe line
Trade closed: stop reached
Target closed. Bottom at 7.3k USD and bitcoin had just broke bull trap.
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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.