BTC rejection on the 4H chart
Updated
Unless we break and close above that Redline, BTC looks like gonna go down to 4600 to 5000 USD by the end of this month. For now, it looks bad..especially the rejection as seen on today's 2nd 4H candle ( 8 am ). The volume is bad and most importantly the red candle that followed had double the volume.
Trade active
Still acting as resistance. However, I forgot to mention yesterday that we are on a broadening wedge which is bullish. Crossing 6600 and staying above is the ideal buy signal.Also, do not forget that this area is crowded with shorts right now and we might see a short squeeze, taking price to 7600 -8000.
On the downside, strong support is at 4.9k
Trade closed: stop reached
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.