Choppy Market Conditions (Neutral)
BTC unstable market conditions as price got rejected from established (small) trend channel semi-confirming a bear flag as the bigger trend channel has not yet been broken and acting as support, could push prices upwards. Price was also rejected at $38500 from Head and Shoulders Resistance base line (purple) connecting at ATH at 68000, Right Shoulder of H&S pattern at 51720 and lastly at previous dump at $43300. Price broke through support at 0.382 fib extension but strong support remains at 0.5 fib extension ($36049.15) and at 0.618 fib extension ($35308.08). Continuous, repetitive bouncing of prices suggests unstableness in the market. However, bullish engulfing candlestick pattern is occurring on the 4H time frame although session has not yet closed so it could change to a bullish Harami (cross) or could be pushed down lower into a bearish continuation candlestick. To consider market in a bullish trend/ position again, BTC price must first break through Head and Shoulders pattern base line (descending with time (purple)) AND also at a minimum, the resistance level at $38750 - a breakout over the psychological resistance level at $40000 would be even better and definitely mean BTC (and thus the market) is now in an uptrend.
Short / Mid term - Neutral
Long term - Bullish
PS. Sorry guys tried to post images but could not as I am not a payed member
Short / Mid term - Neutral
Long term - Bullish
PS. Sorry guys tried to post images but could not as I am not a payed member
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.