Bitcoin - technical analysis on 4H
Updated
This is TA based on 4H. I see two path options for the price action.
1. The price will follow the path in purple colour. Provided that it breaks the upper descending resistance line in pink colour and then bounces off it (use 15M for this confirmation), then we have a formation of the local H&S in purple colour and the price is likely to go towards the green rectangle area around 64500-65000 USD. This area represents a resistance based on horizontal volumes. Also, this will be the top point for the right shoulder formation of the global H&S in black colour. This is a good place to go short on 1D - where price may drop to its correction level of 50500-47000 USD. This option seems more logical, a perfect trap for hodlers and bulls, however, it is still a speculation.
2. If the price does not break the pink resistance line and drops below 55300 USD, then the path in light blue colour is most plausible.
1. The price will follow the path in purple colour. Provided that it breaks the upper descending resistance line in pink colour and then bounces off it (use 15M for this confirmation), then we have a formation of the local H&S in purple colour and the price is likely to go towards the green rectangle area around 64500-65000 USD. This area represents a resistance based on horizontal volumes. Also, this will be the top point for the right shoulder formation of the global H&S in black colour. This is a good place to go short on 1D - where price may drop to its correction level of 50500-47000 USD. This option seems more logical, a perfect trap for hodlers and bulls, however, it is still a speculation.
2. If the price does not break the pink resistance line and drops below 55300 USD, then the path in light blue colour is most plausible.
Trade active
Although, the price did not break the pink resistance line yesterday, RSI & MACD currently show ascending triangles on 2H. Therefore, another attempt may happen in a few hours. If not, then most likely the second scenario will come into play.Note
The price is back again at the pink resistance line. Awaiting the breakthrough and confirmation.Trade active
Thiscis an updated graphic, let's see what happens next:Trade active
We are going down to around 57900 USD
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