Hello everyone, if you like the idea, do not forget to support it with a like and follow.
Welcome to this quick BTC update.
BTC is still struggling to break the $17k resistance level and is currently trading around $16.8k. Price has been stuck in this range for the last few days because of Christmas. Now we might see some volatile move but the question is in which direction? Let us try to find this in this analysis.
According to the chart, BTC is forming an ascending triangle in a 4hr time frame and currently rejecting from the triangle's upper trendline. IMO, BTC breaks down this triangle and the price might hit the $16.2k-$16.4k level before any upward move. After hitting the $16.2k level, if the price holds there then we resume the uptrend.
Invalidation Level:- Any 4hr candle close above $17k
If you like this idea then do support it with like and follow.
Also, share your views in the comment section.
Thank You!
Welcome to this quick BTC update.
BTC is still struggling to break the $17k resistance level and is currently trading around $16.8k. Price has been stuck in this range for the last few days because of Christmas. Now we might see some volatile move but the question is in which direction? Let us try to find this in this analysis.
According to the chart, BTC is forming an ascending triangle in a 4hr time frame and currently rejecting from the triangle's upper trendline. IMO, BTC breaks down this triangle and the price might hit the $16.2k-$16.4k level before any upward move. After hitting the $16.2k level, if the price holds there then we resume the uptrend.
Invalidation Level:- Any 4hr candle close above $17k
If you like this idea then do support it with like and follow.
Also, share your views in the comment section.
Thank You!
Note
BTC is going down as we expect. Currently, trading around the $16.6k level. Waiting patiently to test the $16.2k level and then we see how the price reacts there. After that, we get an idea of where the next move came from.
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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.
Related publications
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.