Bitcoin short-term analysis, by AMFEIX
Updated
Hello guys, this is a 4 chart, short term analysis of BTC/USD, as an opinion of where we are heading next.
I marked the support and resistance areas on the 4 Hour chart, after breaking through $4480 region, which appeared to be major resistance zone on the daily time frame, the price spiked immediately to $5100, and since then we have only gone higher, currently sitting at $5247.
I wanted to share with you the regions that i see interesting and i think we should have an eye on.
On the 4H time-frame, we have a resistance area around $5312 which needs to be broken for the price to reach my initial TP, $5550, but currently the volume on BTC/USD is very low, which makes me believe that we can see a spike to the downside before heading higher, keep that into the consideration i marked 2 downside areas, the first one being the $5100, and the second one $4962, which confluences with the prior spike to the trendline.
I marked the support and resistance areas on the 4 Hour chart, after breaking through $4480 region, which appeared to be major resistance zone on the daily time frame, the price spiked immediately to $5100, and since then we have only gone higher, currently sitting at $5247.
I wanted to share with you the regions that i see interesting and i think we should have an eye on.
On the 4H time-frame, we have a resistance area around $5312 which needs to be broken for the price to reach my initial TP, $5550, but currently the volume on BTC/USD is very low, which makes me believe that we can see a spike to the downside before heading higher, keep that into the consideration i marked 2 downside areas, the first one being the $5100, and the second one $4962, which confluences with the prior spike to the trendline.
Trade active
The price has broken through $5312 region ( blue line ).We need a close above this line, for the price to reach the first upside target $5500.
Trade active
FIRST TARGET MET ( $5500 ), BTC is gaining momentum,daily closure above the resistance area ($5312), will allow us to reach $6000
Trade closed: target reached
Price failed to close above $5312 resistance as i mentioned, which made us spike PRECISELY to $4962 ( Second Red Line ), but then closed above $5100 ( first red line) . Now, we may continue to go higher
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