Short

Bitcoin testing local bullish-trend-support

Updated

Bitcoin is once again testing the trend support outlined in my previous idea. Another bounce here could easily lead to another bullish-impulse; and a break below it followed by coming back up to test and confirm the new resistance would be a signal for a longer bearish impulse coming for the next few days.

Note

After all, we finally did the retest-previous-support-as-new-resistance-and-confirm scenario and dropped below the previous 90m-chart lower-low. We can assume the next 90m wave to the upside is more likely to be a lower-high than a higher-high less we have strong bullish candle pattern emerge of course.

On the 6-hour we can easily see how volatile that retest and rejection was and that on that bigger time-frame we are still in a very sideways consolidation. Breaking above 21.1k would likely lead to a massive impulse to the upside, and a break below 20k could trigger at least a short-lived bearish impulse if not more.

Note

Another major test of a trend support occurring now!

Note

BTC seems to be finding short-term support which will likely lead to a retest of 21k as resistance (or a higher resistance)

Trade closed: target reached

lysergik

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