$BTC Short Term Support/Resistance Zones and Price Targets
Wussup cryptonaughts! How are you doing weathering the storm?! What an exciting rollercoaster ride!!!
In this edition, I'd like to thoroughly discuss lower time frame price action!
We can see that BTC is in a downtrend on the 4H chart. BTC would need to close a 4H candle above the prior 4H high around $45,500 in order to reverse this downtrend. Until that happens, I remain short-term bearish-to-neutral on price action.
Again, I am looking at $45,000 as a 'key' resistance level. Until the bulls reclaim that level, I remain skeptical and suspect we'll see some sideways and down price action.
On the flip side, if BTC closes a 4H below the prior 4H low at $36,690, then I suspect price will test the $33,000 support zone.
If the bears demolish the $33,000 support zone, then the next level of very strong support is around $29,000. If price wicks below the prior wick low at $28,866, then I suspect price will test the next support zone around $35,000.
Additionally, in the chart, we can see the 4H 21EMA has been acting as resistance since the plummet from $56,000 (see red hammers). As long as price action is closing below the 4H 21EMA, I would consider BTC to be in a strong bearish downtrend.
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Guide to My Charts
-The purple horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.
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Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community!
---
Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.
In this edition, I'd like to thoroughly discuss lower time frame price action!
We can see that BTC is in a downtrend on the 4H chart. BTC would need to close a 4H candle above the prior 4H high around $45,500 in order to reverse this downtrend. Until that happens, I remain short-term bearish-to-neutral on price action.
Again, I am looking at $45,000 as a 'key' resistance level. Until the bulls reclaim that level, I remain skeptical and suspect we'll see some sideways and down price action.
On the flip side, if BTC closes a 4H below the prior 4H low at $36,690, then I suspect price will test the $33,000 support zone.
If the bears demolish the $33,000 support zone, then the next level of very strong support is around $29,000. If price wicks below the prior wick low at $28,866, then I suspect price will test the next support zone around $35,000.
Additionally, in the chart, we can see the 4H 21EMA has been acting as resistance since the plummet from $56,000 (see red hammers). As long as price action is closing below the 4H 21EMA, I would consider BTC to be in a strong bearish downtrend.
---
Guide to My Charts
-The purple horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.
---
Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community!
---
Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.
General Inquiries: t.me/cryptoguru369
Twitter: twitter.com/CryptoGuru369
Twitter: twitter.com/CryptoGuru369
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.
General Inquiries: t.me/cryptoguru369
Twitter: twitter.com/CryptoGuru369
Twitter: twitter.com/CryptoGuru369
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.