BTCUSD - Intense Pull-Back will come when Support can´t be Held.
Updated
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Hello traders investors and community, today I discuss with you some very important things going on with bitcoins price movement.
We are facing critical resistance above us and there are some important factors to be calculated for a further price forecast.
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We are looking at the 4-hour chart and what we can see in my chart is a critical resistance zone above us between 9450 and 9600,
there is also a reversal wedge forming which signals a reversal in the other direction. Also, we are trading in overbought regions now.
So what you can see in my chart now are the next support levels which have to be held to establish a futher upward movement.
You can see them marked with the light blue boxes and lines when we will touch these levels we can expect consolidation in this area.
After we see bitcoin see declining we have to watch out if there come signs for possible stabilization. In this case, I will expect a
consolidation in the range you can see marked with the purple dashed lines before moving in a concrete direction on a long term basis.
In this manner, I wouldn't say the bull-trend is completely over but we can expect some major decline in the next days and weeks,
also remember that we are still in a correction/bear-market because no exact trend-reversal has established already.
_______________________________________________________________________________________________________________________
Thanks for watching everybody! Hopefully, you found this analysis useful! Feel free to support for more market insight, see you!
_______________________________________________________________________________________________________________________
Hello traders investors and community, today I discuss with you some very important things going on with bitcoins price movement.
We are facing critical resistance above us and there are some important factors to be calculated for a further price forecast.
_______________________________________________________________________________________________________________________
We are looking at the 4-hour chart and what we can see in my chart is a critical resistance zone above us between 9450 and 9600,
there is also a reversal wedge forming which signals a reversal in the other direction. Also, we are trading in overbought regions now.
So what you can see in my chart now are the next support levels which have to be held to establish a futher upward movement.
You can see them marked with the light blue boxes and lines when we will touch these levels we can expect consolidation in this area.
After we see bitcoin see declining we have to watch out if there come signs for possible stabilization. In this case, I will expect a
consolidation in the range you can see marked with the purple dashed lines before moving in a concrete direction on a long term basis.
In this manner, I wouldn't say the bull-trend is completely over but we can expect some major decline in the next days and weeks,
also remember that we are still in a correction/bear-market because no exact trend-reversal has established already.
_______________________________________________________________________________________________________________________
Thanks for watching everybody! Hopefully, you found this analysis useful! Feel free to support for more market insight, see you!
_______________________________________________________________________________________________________________________
Note
Information provided is only educational and should not be used to take action in the markets.
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