Bitcoin is Bullish Locally BUT is Running into Resistance.
Updated
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Hello, my friends. Let`s look at bitcoins price movement and what we can expect from bitcoin the next days.
We are looking locally on the 4-hour chart and I discovered some interesting signals on the 4-hour chart.
Before you consider my idea feel free to support my work with a like and follow. Let's go!
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Triangle: Bitcoin is trading in a bullish triangle right now. Which will highly probably break to the up-side.
As you can see it in my chart it is marked with the blue trend-lines. But we have higher resistance in the
structure which shouldn't be ignored.
Resistance: As you can see in my chart the first serious resistance to consider is between 8650 and 8750.
When touched in these levels bitcoin will highly likely get a smaller or even bigger pull-back.
Huge Resitance: We have a huge Resistance in this structure which build already the last days and weeks
before. We can expect a bigger pull-back in this area. Even with a pull-back to lower levels as you can
see described in my chart.
Lower Support: After a pull-back in the Resitance area we can expect bitcoin moving to lower levels.
The first significant support are will be between 7600 - 7800 as you see in my chart marked with the blue
box. From that level we have to watch for more bullish or bearish signs to consider possible trade entrys.
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The break-out of the triangle can be traded with higher risk and targets at 9100 - 9200, do not risk to much of
your account and trade with stop-loss! Otherwise it would be wise to consider a possible short entry in the
resistance zone which you see in my chart. I will wait for a good SHORT entry because we will get the pull-back
highly likely.
_______________________________________________________________________________________________________
Thanks for watching my analysis, click like and follow to support my work. Have a good day and of course good
trading profits. Trading effectively is about assessing probabilities, not certainties. In this manner all the best!
_______________________________________________________________________________________________________
Hello, my friends. Let`s look at bitcoins price movement and what we can expect from bitcoin the next days.
We are looking locally on the 4-hour chart and I discovered some interesting signals on the 4-hour chart.
Before you consider my idea feel free to support my work with a like and follow. Let's go!
_______________________________________________________________________________________________________
Triangle: Bitcoin is trading in a bullish triangle right now. Which will highly probably break to the up-side.
As you can see it in my chart it is marked with the blue trend-lines. But we have higher resistance in the
structure which shouldn't be ignored.
Resistance: As you can see in my chart the first serious resistance to consider is between 8650 and 8750.
When touched in these levels bitcoin will highly likely get a smaller or even bigger pull-back.
Huge Resitance: We have a huge Resistance in this structure which build already the last days and weeks
before. We can expect a bigger pull-back in this area. Even with a pull-back to lower levels as you can
see described in my chart.
Lower Support: After a pull-back in the Resitance area we can expect bitcoin moving to lower levels.
The first significant support are will be between 7600 - 7800 as you see in my chart marked with the blue
box. From that level we have to watch for more bullish or bearish signs to consider possible trade entrys.
_______________________________________________________________________________________________________
The break-out of the triangle can be traded with higher risk and targets at 9100 - 9200, do not risk to much of
your account and trade with stop-loss! Otherwise it would be wise to consider a possible short entry in the
resistance zone which you see in my chart. I will wait for a good SHORT entry because we will get the pull-back
highly likely.
_______________________________________________________________________________________________________
Thanks for watching my analysis, click like and follow to support my work. Have a good day and of course good
trading profits. Trading effectively is about assessing probabilities, not certainties. In this manner all the best!
_______________________________________________________________________________________________________
Note
Bitcoin touched huge resistance zone seen in my chartNote
Good opportunity to open a short positionNote
Downward movement confirmedNote
Bitcoin pulled back at resistance
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