3D and 4hr Bitcoin
There appears to be a bit more upside with a possible recharge for bulls. BBands squeezing on higher time frames, oscillators have some room to run before topping out, shorts are eager and piled in on a volume spike and now outweigh longs, leaving a potential short squeeze on the table especially if they grow too quickly at the first sign of weakness. Looking at the 4 hr there is a weekly pivot at 7130 which will surely put up a good fight before it will break down but if it does break down in the short term I see it going as low as 6900. If this were to play out I would expect shorts to grow more anticipating a bull trap too soon. If that were to happen, depending on the level of fomo created, we could potentially see 7900, 8200 maybe but less likely. At that point i could see longs increasing as 7400-7600 is broken. Somewhere in this range I am expecting a nasty bull trap thus completing this wave up on the weekly and continuing the pattern of lower highs, followed by lower lows. I expect a breakdown beyond 5800 in a month or two.
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.