BTC Bitcoin: Short Term Scenarios
Updated
Hello friends, today you can review the technical analysis idea on a 4H linear scale chart for the Bitcoin (BTCUSD).
The chart is self-explanatory. The BTC price has the potential for multiple scenarios (up and down) but I outlined 5 that I believe could happen within the short term. The price is inside a Rising Wedge Pattern, which is bearish. There are multiple resistance lines the price is faced with and the RSI is about to touch a resistance area as well. If the price moves above the resistance lines, the price may get additional resistance by the Ichimoku Cloud. Though I want to get bullish on the price, I don't see the Volume support and RSI support in the short-term. I have a chart noted in the ideas below which show a Bear Flag Pattern on the weekly as well as the CME gaps. Have a look at those as well for a macro review.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
The chart is self-explanatory. The BTC price has the potential for multiple scenarios (up and down) but I outlined 5 that I believe could happen within the short term. The price is inside a Rising Wedge Pattern, which is bearish. There are multiple resistance lines the price is faced with and the RSI is about to touch a resistance area as well. If the price moves above the resistance lines, the price may get additional resistance by the Ichimoku Cloud. Though I want to get bullish on the price, I don't see the Volume support and RSI support in the short-term. I have a chart noted in the ideas below which show a Bear Flag Pattern on the weekly as well as the CME gaps. Have a look at those as well for a macro review.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
Note
Broke down from the rising wedge (not surprised).Note
I love to re-read my ideas and review my charts after a major event to see if I was correct. I did note in the narrative that I am not bullish yet with various factors noted. Follow the people that don't spill hopium and only focus on charts and facts.
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