Crossroads for BTC folks
Okay, what can we say about BTC today guys?
Well, the one who didn't notice that absurd first 4h candle of the session was sleeping in a cave, but otherwise?
We are once again in the presence of a swing failure pattern, folks, it is usually a reversal indication but with the BTC it is better not to take this for cash.
The trouble area at the moment is still the same since it was broken down two days ago, between 7220 and 7275. The Bitcoin has tried several times to break the latter during this session without success so far.
The indicators?
While on short-term horizons like 1 hour, these latters evolve towards their overbought zone, in 4 hours the crossing has just been done. The technical situation is therefore rather positive in 4 hours and still neutral in daily with a WaveTrends that has still not crossed upwards.
What do we do now?
If BTC succeeds in breaking ( in closing) its resistance zone, a long on pullback is possible in order to target the 7400 level.
Otherwise, a return to the 6800 seems to me unfortunately inevitable and we will then try to open a short position on retest of broken support.
Take care of yourself, guys!
Well, the one who didn't notice that absurd first 4h candle of the session was sleeping in a cave, but otherwise?
We are once again in the presence of a swing failure pattern, folks, it is usually a reversal indication but with the BTC it is better not to take this for cash.
The trouble area at the moment is still the same since it was broken down two days ago, between 7220 and 7275. The Bitcoin has tried several times to break the latter during this session without success so far.
The indicators?
While on short-term horizons like 1 hour, these latters evolve towards their overbought zone, in 4 hours the crossing has just been done. The technical situation is therefore rather positive in 4 hours and still neutral in daily with a WaveTrends that has still not crossed upwards.
What do we do now?
If BTC succeeds in breaking ( in closing) its resistance zone, a long on pullback is possible in order to target the 7400 level.
Otherwise, a return to the 6800 seems to me unfortunately inevitable and we will then try to open a short position on retest of broken support.
Take care of yourself, guys!
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