BTCUSD - See what will happen next, trading into resistance!
Updated
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Hello traders investors and community. This is an update analysis on my recent analysis at the longer time-frame daily chart where i pointed out two possible scenarios on which
will happen to BTCUSD the next days and weeks. If you didnt watched this analysis already you can see it here:
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BTCUSD is still trading in an overall consolidation phase on the daily time frame as you can see in my recent analysis. Today i will watch for the four-hour timeframe and signs which we can
use for trade entry and overall big picture. Lets go!
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As you can see in my chart, BTCUSD has found some support at the 7000 USD price-level. As it is often the case that price will find support or resistance at important full numbers such as
7000, 10000, 20000 etc. But this support is more weak than its vaild because we are trading into resistance. As you can see there is an important donwtrend channel with resistance at the
upper line of the channel, there is also resistance from price action as BTCUSD struggled to develop an stabil up-trend the last days.
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The overall structure of the underlying 4-hour timeframe trend matches my expectations of the bigger picture, where i pointed an expected consolidation period out. As for now it will
have a pull-back and after this either continues to develop the downtrend or falls back into consolidation.
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For now, we can see more bearish signs as bullish , I would vary of opening longs here as I see many traders expecting a bull break-out. It's more bearish than bullish at the point.
A possible SHORT position can be entered when BTCUSD touches the resistance at the 7300 - 7400 seen in my chart or with a confirmed break-down to the downside.
But! I wouldn't open 100 % for sure a short position as in this structure it is more wisely to wait until we found some confirmation of future price action!
__________________________________________________________________________________________________________________________________________________________________
Many other cryptocurrencies are in consolidation structures like this, we have to see where the market is heading. As it is an important case that after consolidation comes a period of high
volatility , an good enviorment for traders! We will see.
__________________________________________________________________________________________________________________________________________________________________
Hopefully, you enjoyed this analysis and received some useful information! Feel free to support for more market insight!
Information is only educational and should not be used to take action in the markets!
__________________________________________________________________________________________________________________________________________________________________
Hello traders investors and community. This is an update analysis on my recent analysis at the longer time-frame daily chart where i pointed out two possible scenarios on which
will happen to BTCUSD the next days and weeks. If you didnt watched this analysis already you can see it here:
__________________________________________________________________________________________________________________________________________________________________
BTCUSD is still trading in an overall consolidation phase on the daily time frame as you can see in my recent analysis. Today i will watch for the four-hour timeframe and signs which we can
use for trade entry and overall big picture. Lets go!
__________________________________________________________________________________________________________________________________________________________________
As you can see in my chart, BTCUSD has found some support at the 7000 USD price-level. As it is often the case that price will find support or resistance at important full numbers such as
7000, 10000, 20000 etc. But this support is more weak than its vaild because we are trading into resistance. As you can see there is an important donwtrend channel with resistance at the
upper line of the channel, there is also resistance from price action as BTCUSD struggled to develop an stabil up-trend the last days.
__________________________________________________________________________________________________________________________________________________________________
The overall structure of the underlying 4-hour timeframe trend matches my expectations of the bigger picture, where i pointed an expected consolidation period out. As for now it will
have a pull-back and after this either continues to develop the downtrend or falls back into consolidation.
__________________________________________________________________________________________________________________________________________________________________
For now, we can see more bearish signs as bullish , I would vary of opening longs here as I see many traders expecting a bull break-out. It's more bearish than bullish at the point.
A possible SHORT position can be entered when BTCUSD touches the resistance at the 7300 - 7400 seen in my chart or with a confirmed break-down to the downside.
But! I wouldn't open 100 % for sure a short position as in this structure it is more wisely to wait until we found some confirmation of future price action!
__________________________________________________________________________________________________________________________________________________________________
Many other cryptocurrencies are in consolidation structures like this, we have to see where the market is heading. As it is an important case that after consolidation comes a period of high
volatility , an good enviorment for traders! We will see.
__________________________________________________________________________________________________________________________________________________________________
Hopefully, you enjoyed this analysis and received some useful information! Feel free to support for more market insight!
Information is only educational and should not be used to take action in the markets!
__________________________________________________________________________________________________________________________________________________________________
Note
BTCUSD fell below support and confirmed itNote
Still trading in downtrend channelNote
Touching upper line of chanelNote
Touched upper resistanceNote
Breakout of the downward channel is in sightNote
Trading at the higher line of downtrend channelNote
Information provided is only educational and should not be used to take action in markets.
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