Short Term View On Bitcoin Price Movement
A Quick view on the immediate bitcoin 4 hour chart shows price ranging in between a channel from about a month now. While traders would feel bullish with the current price surge, I still believe we would continue ranging until we see price burst out from the channel, then we look forward to another chart pattern.
From my point of view, i think we would experience another mild price surge up between $7,800 - $8,000 to complete a retest at the upper trend line. Then we might see price breaking out from this trend, but i highly doubt that. I expect price to take a rebound back down between $7,000 to $7,400. This area marks an intersection between the moving average of the channel and a retest from the price surge from 23rd April.
When these happen then we can look forward to another big move on the upside, But not after we go through a short term ranging market. I believe the chart explains everything clearly.
This is my overall short term opinion on the bitcoin price following pure price action. Things might not go exactly as i have explained, but this is my overall expectation from the bitcoin movement.
And Lastly, i might be wrong, but i sure hope not. Wish you great trading.
From my point of view, i think we would experience another mild price surge up between $7,800 - $8,000 to complete a retest at the upper trend line. Then we might see price breaking out from this trend, but i highly doubt that. I expect price to take a rebound back down between $7,000 to $7,400. This area marks an intersection between the moving average of the channel and a retest from the price surge from 23rd April.
When these happen then we can look forward to another big move on the upside, But not after we go through a short term ranging market. I believe the chart explains everything clearly.
This is my overall short term opinion on the bitcoin price following pure price action. Things might not go exactly as i have explained, but this is my overall expectation from the bitcoin movement.
And Lastly, i might be wrong, but i sure hope not. Wish you great trading.
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