Bitcoin - Short term opportunity
Updated
Hello traders,
On this analysis I'll be focusing more on a short term perspective of BTC against US Dollar so I have chosen to break down the Daily and 4 Hour time frame.
We need to keep in mind that Bitcoin is currently being traded at around 9800 USD which is a weekly level of support, for BTC to reverse higher is mandatory to have a weekly closure above this level.
Taking it down to the lower time frame, on the Daily we have a strong Fibonacci formation as the C point is currently in between key reversal points that of 78.6 % and 61.8 %. For this to be confirmed as you might already know we need at least 2-3 confluences.
First one being a candle closure above 78.6% .
Second, the 9800 weekly support that was mentioned above also confluences with the Fibonacci reversal points and tends to hold up pretty well.
Taking it down to 4 Hour time-frame, you can see that we broke above the downtrend channel which is now being retested, ready to push higher toward the likes 10,500. And this would be our 3rd confluence that indicates an upside push.
I highlighted the area which has great probability of manipulation between 9600 - 9500. If you take a trade please be cautious of this area as we could tap it one more time before heading higher..
On this analysis I'll be focusing more on a short term perspective of BTC against US Dollar so I have chosen to break down the Daily and 4 Hour time frame.
We need to keep in mind that Bitcoin is currently being traded at around 9800 USD which is a weekly level of support, for BTC to reverse higher is mandatory to have a weekly closure above this level.
Taking it down to the lower time frame, on the Daily we have a strong Fibonacci formation as the C point is currently in between key reversal points that of 78.6 % and 61.8 %. For this to be confirmed as you might already know we need at least 2-3 confluences.
First one being a candle closure above 78.6% .
Second, the 9800 weekly support that was mentioned above also confluences with the Fibonacci reversal points and tends to hold up pretty well.
Taking it down to 4 Hour time-frame, you can see that we broke above the downtrend channel which is now being retested, ready to push higher toward the likes 10,500. And this would be our 3rd confluence that indicates an upside push.
I highlighted the area which has great probability of manipulation between 9600 - 9500. If you take a trade please be cautious of this area as we could tap it one more time before heading higher..
Trade closed: target reached
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