BTC/USDT Analysis - 4H Timeframe
BTC/USDT Analysis - 4H Timeframe
Author: Rhino aka Bear ( Crypto Rado )
Date: 10/22/2024
🔹 Overview:
Bitcoin has reached the anticipated upper trendline, facing rejection at $69,800. A double bearish divergence on the 4H timeframe signals that this impulsive move has likely peaked. The price briefly broke above the previous high but quickly dropped by $3,000, landing on the monthly pivot point and 0.236 Fibonacci retracement, leading to a small bounce.
🔹 Current Expectation:
I anticipate a retest of the $68,000–$68,500 zone before the downtrend continues toward $65,500–$65,000. This next key support area is reinforced by the 0.382 Fibonacci level, S1 pivot, and significant price action. The Simple Moving Average is also moving toward this zone, making it a confluence area of interest.
So far, the price has made an impulsive five-wave move downward, followed by a corrective ABC structure. Waves A and B appear complete, and we are likely in wave C, heading for the $68,000–$68,500 zone. If this zone fails, we may see a move towards $48,000, $44,000, or even $40,000. However, it's too early to confirm a full bearish reversal at this point.
🔹 Key Levels:🔹
🚨 Disclaimer:🚨
⚠️ This is not financial advice. Always do your own research and assess the risks before trading.⚠️
Author: Rhino aka Bear ( Crypto Rado )
Date: 10/22/2024
🔹 Overview:
Bitcoin has reached the anticipated upper trendline, facing rejection at $69,800. A double bearish divergence on the 4H timeframe signals that this impulsive move has likely peaked. The price briefly broke above the previous high but quickly dropped by $3,000, landing on the monthly pivot point and 0.236 Fibonacci retracement, leading to a small bounce.
🔹 Current Expectation:
I anticipate a retest of the $68,000–$68,500 zone before the downtrend continues toward $65,500–$65,000. This next key support area is reinforced by the 0.382 Fibonacci level, S1 pivot, and significant price action. The Simple Moving Average is also moving toward this zone, making it a confluence area of interest.
So far, the price has made an impulsive five-wave move downward, followed by a corrective ABC structure. Waves A and B appear complete, and we are likely in wave C, heading for the $68,000–$68,500 zone. If this zone fails, we may see a move towards $48,000, $44,000, or even $40,000. However, it's too early to confirm a full bearish reversal at this point.
🔹 Key Levels:🔹
- Resistance Zone: $68,000–$68,500
- TP 1: $65,500–$65,000
- TP 2: $62.9 - 61.3k
- Invalidation: 69.6k
- Next Potential Targets (Bearish): $48,000 / $44,000 / $40,000
🚨 Disclaimer:🚨
⚠️ This is not financial advice. Always do your own research and assess the risks before trading.⚠️
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.