Bitcoin 4hr timeframe: Real time update and commentary
The previous analysis of BTCUSD identified the bullish price channel that resulted from the head and shoulders bottom pattern. Besides, the bottom of the channel coinciding with support between ~$7,554.80 and $7,296.60 was identified as the next likely target for BTCUSD after it reached the top of the bullish price channel at ~$8,260.
BTCUSD as updated in this post did break below support, tracing out a bearish price channel to about $5,975.30.
A breakout of the bearish channel as indicated on the chart at ~$6,213.10 does indicate a bullish upside potential for BTCUSD.
Resistance is expected between ~$7,313.20 and $6,850.50 (neckline of the previous head and shoulders bottom pattern).Confirmation of bullish momentum coupled with a break out above $7,313.20 is considered a safe (conservative) point for establishing a long (buy) position(s). The safest entry (most conservative) into a long (buy) position is on a price close above the high of ~$8506.70 on July 24, 2018.
BTCUSD as updated in this post did break below support, tracing out a bearish price channel to about $5,975.30.
A breakout of the bearish channel as indicated on the chart at ~$6,213.10 does indicate a bullish upside potential for BTCUSD.
Resistance is expected between ~$7,313.20 and $6,850.50 (neckline of the previous head and shoulders bottom pattern).Confirmation of bullish momentum coupled with a break out above $7,313.20 is considered a safe (conservative) point for establishing a long (buy) position(s). The safest entry (most conservative) into a long (buy) position is on a price close above the high of ~$8506.70 on July 24, 2018.
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