Analysis: BTC/USD, 4hr Bitstamp chart; 2020-12-08
https://www.tradingview.com/x/zF9EI1X1/
BTC trending higher, on track to break ATH.
current support on light-yellow trendline; next support at yellow long-term trendline and support "rectangle" between 18,000 and 18,300 - those are the key levels that BTC needs to hold to keep the current uptrend intact. Lower than this is a great dip to accumulate more BTC, as long as 16k is not breached to the downside, setting a new macro low (from that set between Nov. 26 & 27.
I like to use Fib. SMA, here the 55 and 144 both showing that momentum continues to the upside.
The Bulls need to hold the 18k level and then go past quite a bit of sell side pressure from above to break to new ATH.
BTC is more likely to continue sideways while it chips away at the huge overhead sell wall.
Horizontal SR levels are shown in light grey.
BTC trending higher, on track to break ATH.
current support on light-yellow trendline; next support at yellow long-term trendline and support "rectangle" between 18,000 and 18,300 - those are the key levels that BTC needs to hold to keep the current uptrend intact. Lower than this is a great dip to accumulate more BTC, as long as 16k is not breached to the downside, setting a new macro low (from that set between Nov. 26 & 27.
I like to use Fib. SMA, here the 55 and 144 both showing that momentum continues to the upside.
The Bulls need to hold the 18k level and then go past quite a bit of sell side pressure from above to break to new ATH.
BTC is more likely to continue sideways while it chips away at the huge overhead sell wall.
Horizontal SR levels are shown in light grey.
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