BTCUSD BULLS AND BEARS - High Volatility in the range expected!
Updated
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Hello traders investors and community, today I discuss with you some interesting observations I made with the bitcoin chart.
We are looking at the 4-hour timeframe locally objected bitcoin chart. Let's go!
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As you can see in my chart we see bitcoin fallen out of the significant uptrend channel which formed the last days and weeks.
We saw a little bull rally from 9500 to 10200 but the bulls won't continue like that, we see a weakening price in this area now.
Also, the overbought conditions in which we are trading right now are important to look at, as the market has clear resistance
at 10500 USD. What can we expect from the next days? As you can see marked in my chart we can expect another rally after
bitcoin touched the support level again as it is still demand in the market.
When considering the bullish scenario we have to see clear continuation signs with a clear stabilization above the resistance
level, on the other side a bear continuation, which is the more likely case, will show with a rejection at the support level
and more downside showing ahead in the next days and weeks.
The bull rally can be traded on short term with a trailing stop loss, I will look for a good entry in the 9450 to 9600 area.
After the rally we have to watch for more bullish or bearish signs as I expect a consolidation in the range we can look
for a breakout in the bullish or bearish direction.
______________________________________________________________________________________________________________
Thanks, everybody who found this analysis useful, support with a like and follow for more market insight! ;)
All the best and good trading profits my friends!
______________________________________________________________________________________________________________
Hello traders investors and community, today I discuss with you some interesting observations I made with the bitcoin chart.
We are looking at the 4-hour timeframe locally objected bitcoin chart. Let's go!
______________________________________________________________________________________________________________
As you can see in my chart we see bitcoin fallen out of the significant uptrend channel which formed the last days and weeks.
We saw a little bull rally from 9500 to 10200 but the bulls won't continue like that, we see a weakening price in this area now.
Also, the overbought conditions in which we are trading right now are important to look at, as the market has clear resistance
at 10500 USD. What can we expect from the next days? As you can see marked in my chart we can expect another rally after
bitcoin touched the support level again as it is still demand in the market.
When considering the bullish scenario we have to see clear continuation signs with a clear stabilization above the resistance
level, on the other side a bear continuation, which is the more likely case, will show with a rejection at the support level
and more downside showing ahead in the next days and weeks.
The bull rally can be traded on short term with a trailing stop loss, I will look for a good entry in the 9450 to 9600 area.
After the rally we have to watch for more bullish or bearish signs as I expect a consolidation in the range we can look
for a breakout in the bullish or bearish direction.
______________________________________________________________________________________________________________
Thanks, everybody who found this analysis useful, support with a like and follow for more market insight! ;)
All the best and good trading profits my friends!
______________________________________________________________________________________________________________
Note
When looking at my analysis, we see that bitcoin touched support with high momentum.Note
Expecting a move up in the other direction the next time.
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