I don't trade Bitcoin but thought it was worth a look to get my head around the price action.
Bitcoin has been in a very very Bullish uptrend. We have had a ABCD complete on the Daily.
Price has respected the ascending trend line, we have come to a monthly High, tested and rejected creating a Double top.
There are 3 possibilities:
i) Price comes down, retest the CTl at the 5804 level, on the 4hr looks like a Cypher pattern has formed. If it respects the CTL we could see a further test on 6314.
ii) Price comes down, breaks the CTL and tests the Daily Key level at 5511 and move up.
iii) Price comes down, breaks the CTL and Daily level to 4764 which is a Monthly level.
However with the strong trend we could probably be seeing just a correction in price.
Bitcoin has been in a very very Bullish uptrend. We have had a ABCD complete on the Daily.
Price has respected the ascending trend line, we have come to a monthly High, tested and rejected creating a Double top.
There are 3 possibilities:
i) Price comes down, retest the CTl at the 5804 level, on the 4hr looks like a Cypher pattern has formed. If it respects the CTL we could see a further test on 6314.
ii) Price comes down, breaks the CTL and tests the Daily Key level at 5511 and move up.
iii) Price comes down, breaks the CTL and Daily level to 4764 which is a Monthly level.
However with the strong trend we could probably be seeing just a correction in price.
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.