BitcoinShort
BTCUSD - diagonal resistance ahead
Hi guys,
Looking at the 4-hour chart and if we exclude the so-called "Musk candle" we can see that BTC is unable to surpass the diagonal resistance at $35,000. Actually, we can already see few wicks above it that were immediately eaten up by bears. So, if the $34,700 horizontal support is broken and could not provide the required stability, I would open a short down to $34,200 or $33,800.
Personally, I think the diagonal resistances/supports are a lot more stable than the horizontal ones since are usually part of a larger timeframe trend and get tested multiple times making them solid.
The $34,700 level is even more important when you think about the fact we had a bearish rectangle on the 1-hour chart
So, I'm looking forward to seeing how that level reacts when the price reaches it.
If you zoom out to the daily chart, we will see that the mentioned diagonal resistance is in line with the short 26-day EMA. I don't think we could expect a reversal leading to a new all-time high if this moving average is above the price mark.
Cheers,
Looking at the 4-hour chart and if we exclude the so-called "Musk candle" we can see that BTC is unable to surpass the diagonal resistance at $35,000. Actually, we can already see few wicks above it that were immediately eaten up by bears. So, if the $34,700 horizontal support is broken and could not provide the required stability, I would open a short down to $34,200 or $33,800.
Personally, I think the diagonal resistances/supports are a lot more stable than the horizontal ones since are usually part of a larger timeframe trend and get tested multiple times making them solid.
The $34,700 level is even more important when you think about the fact we had a bearish rectangle on the 1-hour chart
So, I'm looking forward to seeing how that level reacts when the price reaches it.
If you zoom out to the daily chart, we will see that the mentioned diagonal resistance is in line with the short 26-day EMA. I don't think we could expect a reversal leading to a new all-time high if this moving average is above the price mark.
Cheers,
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