BITCOIN: Short Term Analysis - 4 Hour (Nov. 1)
Bitcoin has once again bounced off the channel and made a new wick for the 4 hour time frame. Here is a current situational update for Bitcoin and we are currently witnessing Bitcoin pinballing between the .382 fib and the 200 Moving Average (MA). We believe that another move down would in fact be healthy, to at least the .618 fib level retracement at approximately $8,550 USD. We are also fiddling with our previous trend line support from our previous breakout on the daily chart.
Here are few things to consider for this trade:
- It is never good when the SUPPORT is being tested over and over again. This is indicating that the bounces will be weaker and weaker, with a higher probability chance of it breaking down due to the bulls losing confidence.
- We should see a clear reaction of demand at our .618 fib ($8,550 USD) for a temporary bounce, and will have to see how bulls will react to those levels. This means that a temporary retrace would be very healthy.
- We should also see a clear bounce if we ever reach the bottom of our channel, as well.
Remember, a correction is not the end of the world; rather, it's indicative of traders being cautious and taking profits in preparation for the next accumulation phase.
Trade Safe.
Here are few things to consider for this trade:
- It is never good when the SUPPORT is being tested over and over again. This is indicating that the bounces will be weaker and weaker, with a higher probability chance of it breaking down due to the bulls losing confidence.
- We should see a clear reaction of demand at our .618 fib ($8,550 USD) for a temporary bounce, and will have to see how bulls will react to those levels. This means that a temporary retrace would be very healthy.
- We should also see a clear bounce if we ever reach the bottom of our channel, as well.
Remember, a correction is not the end of the world; rather, it's indicative of traders being cautious and taking profits in preparation for the next accumulation phase.
Trade Safe.
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