BTCUSD: 4hrly Bull/Bear scenario

By cybernetwork

Updated

See also:

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Zoomed out view of how the trendlines were drawn:

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Looking at whether the next 1D candle (or next few lower timeframe candles) gets rejected by the trendline, or is able to break up and hold support...for each scenario to play out, etc.

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Grey horizontal lines are VPVR levels.

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Also, lower low confirmed -- hence higher likelihood to go down.

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Price struggles with overcoming the yellow resistance level and is getting rejected. If this continues with the next 2 hourly candles, will be waiting to potentially buy in at around 6.3kUSD.

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Bearish M-Pattern forming; viewed on the 30mins chart:
Waiting for BTC to gain more bearish sentiments and more shorts.

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... before a possible bounce..

tradingview.com/chart/6HNn0TjD/

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However, latest chart has price now breaking above resistance! .. But will it continue to find support above?

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Price seems to have found support above yellow trend line, and positions itself back within the range set by the yellow triangle..

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Support failed!

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BTC retested gray resistance line and broken above instead, and with that, is now back into the yellow symm triangle.
Will it retest the lower yellow line as support to confirm a bullish move ahead?

cybernetwork

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