BTC - H4 - SHORT TERM REVERSAL ! YES OR NO ?
H4 : As expected and mentioned in my previous analysis (W1) published early this morning, a corrective
and healthy downside move took place and reached an intraday low, so far at 59350, close to the 38.2% Fibonacci
Retracement @ 59194 ! Last H4 closing candle triggered a doji pattern which is showing some uncertainty about
the upcoming hours. In addition, you can see that at current level, the BTC is again reenter in the uptrend channel.
Therefore, I would suggest, to watch carefully, the following levels :
BULLISH :
Consider 61000-61100 as the first short term resistance area which, in order to neutralise the ongoing dowside risk;
indeed, an upside breakout confirmed of this zone would be the first signal that the correction has been short lived
and is over and would open the door for a retest of the previous high @ 61781.
BEARISH :
* S1 : 59194 (38.2% Fib ret) and also the top level of the broadening wedge pattern !
* S2 : 58931 (Tenkan-Sen & Conversion line)
*** S3 : 58396 & 58342 (50% Fib ret - Mid Bollinger Band
Interesting to note the former congestion zone resistance (56500-57500) which is becoming now, a new support zone (57500-56500) !
Watch development on shorter time frames H1 and M15 to get early signal (s) which will allow you to act accordingly.
Have a nice afternoon.
All the best
Take care
Ironman8848
and healthy downside move took place and reached an intraday low, so far at 59350, close to the 38.2% Fibonacci
Retracement @ 59194 ! Last H4 closing candle triggered a doji pattern which is showing some uncertainty about
the upcoming hours. In addition, you can see that at current level, the BTC is again reenter in the uptrend channel.
Therefore, I would suggest, to watch carefully, the following levels :
BULLISH :
Consider 61000-61100 as the first short term resistance area which, in order to neutralise the ongoing dowside risk;
indeed, an upside breakout confirmed of this zone would be the first signal that the correction has been short lived
and is over and would open the door for a retest of the previous high @ 61781.
BEARISH :
* S1 : 59194 (38.2% Fib ret) and also the top level of the broadening wedge pattern !
* S2 : 58931 (Tenkan-Sen & Conversion line)
*** S3 : 58396 & 58342 (50% Fib ret - Mid Bollinger Band
Interesting to note the former congestion zone resistance (56500-57500) which is becoming now, a new support zone (57500-56500) !
Watch development on shorter time frames H1 and M15 to get early signal (s) which will allow you to act accordingly.
Have a nice afternoon.
All the best
Take care
Ironman8848
Related publications
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.