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We can see in the four hour chart,
BTC has had an uneventful past few days trading within a bullish flag pattern (This is always great for trading alts, as we've seen with several alt coins experiencing 25-50% rises in this time frame).
Bitcoin tested the resistance on the downward pennant trendline, represented in orange, and was rejected several times in this latest bullish run. The downward pennant trendline and the bullish flag pattern have formed a falling wedge essentially squeezing BTC to make a move.
The indicators show thatBTC is leaning towards dropping below the support trendline of the bullish flag pattern. The MACD and SQZMOM show an impending bearish divergence.
The next few hours can be interesting forBitcoin. Last time we drew a potential accumulation zone horizontal pennant marked by the black dotted lines. If this holds, we can expect a short-term bullish bounce back around $7,500. If this pattern doesn't hold water, the next level of support is the .786 retrace at $7,250 and then critical support from the downward pennant at $6,250 which would complete the double bottom target.
If you listened to our podcast and had a trailing stop loss from $9,000 - $8,800, any of these points is great for re-entry. Making money in bear!
As always, be smart with your money. Topics discussed in this post are not financial advice. DYOR
We can see in the four hour chart,
BTC has had an uneventful past few days trading within a bullish flag pattern (This is always great for trading alts, as we've seen with several alt coins experiencing 25-50% rises in this time frame).Bitcoin tested the resistance on the downward pennant trendline, represented in orange, and was rejected several times in this latest bullish run. The downward pennant trendline and the bullish flag pattern have formed a falling wedge essentially squeezing BTC to make a move.The indicators show that
BTC is leaning towards dropping below the support trendline of the bullish flag pattern. The MACD and SQZMOM show an impending bearish divergence.The next few hours can be interesting for
Bitcoin. Last time we drew a potential accumulation zone horizontal pennant marked by the black dotted lines. If this holds, we can expect a short-term bullish bounce back around $7,500. If this pattern doesn't hold water, the next level of support is the .786 retrace at $7,250 and then critical support from the downward pennant at $6,250 which would complete the double bottom target. If you listened to our podcast and had a trailing stop loss from $9,000 - $8,800, any of these points is great for re-entry. Making money in bear!
As always, be smart with your money. Topics discussed in this post are not financial advice. DYOR
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.
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.