Let’s take a journey through Bitcoin’s recent price action on the H4 chart. If you’re new to trading or just curious, this post will walk you through what’s happening – step by step, bar by bar. Let’s make sense of this wild ride together! 🚀
1. What’s the Big Picture?
The market shows an uptrend with a sequence of Higher Highs (HH) and Higher Lows (HL). This suggests bulls are in control.
Support Levels:
Bar 1 and Bar 12: Around $96,000, forming a strong support zone.
Bar 4: $88,000, the key swing low.
Resistance Levels:
Bar 14: $97,700, which may act as a ceiling unless broken decisively.
2. Key Patterns
Measured Move (MM): Distance from Bar 4 ($88,000) to Bar 9 ($96,000) is $8,000. Adding this to the breakout level around $96,000 gives a potential target of around $104,000.
Inside Bars: Bar 10 consolidates within Bar 9’s range, showing indecision before the next breakout.
Exhaustion Gap: The movement to $98,000 (Bar 14) hints at potential exhaustion as momentum slows.
3. Bull and Bear Cases
Bullish Case:
If price breaks above $98,000, the target becomes $104,000 (Measured Move from Bar 4 to Bar 9).
Probability: 65%, given the series of Higher Highs and Higher Lows.
Bearish Case:
A break below $96,000 could lead to a test of $94,000 or even $92,000.
Probability: 35%, as the current structure favors bulls.
5. Trading Setups
Long Setup:
Entry: Above $98,000 (Bar 14 high).
Stop-Loss: Below $96,000 (Bar 12 low).
Target: $104,000 (MM projection).
Short Setup:
Entry: Below $96,000 (Bar 12 low).
Stop-Loss: Above $98,000 (Bar 14 high).
Target: $92,000 (intermediate support).
Measured Move (MM): This is a way to project future price levels by measuring the size of a previous move and applying it to the next potential breakout.
Higher Highs (HH) and Higher Lows (HL): These are building blocks of an uptrend. Each HH shows increasing bullish strength, while each HL confirms buyers’ dominance.
Do you think Bitcoin will push through $98,000 and head toward $104,000? Or is this the beginning of a pullback? Share your thoughts in the comments! Let’s discuss and learn together!
1. What’s the Big Picture?
The market shows an uptrend with a sequence of Higher Highs (HH) and Higher Lows (HL). This suggests bulls are in control.
Support Levels:
Bar 1 and Bar 12: Around $96,000, forming a strong support zone.
Bar 4: $88,000, the key swing low.
Resistance Levels:
Bar 14: $97,700, which may act as a ceiling unless broken decisively.
2. Key Patterns
Measured Move (MM): Distance from Bar 4 ($88,000) to Bar 9 ($96,000) is $8,000. Adding this to the breakout level around $96,000 gives a potential target of around $104,000.
Inside Bars: Bar 10 consolidates within Bar 9’s range, showing indecision before the next breakout.
Exhaustion Gap: The movement to $98,000 (Bar 14) hints at potential exhaustion as momentum slows.
3. Bull and Bear Cases
Bullish Case:
If price breaks above $98,000, the target becomes $104,000 (Measured Move from Bar 4 to Bar 9).
Probability: 65%, given the series of Higher Highs and Higher Lows.
Bearish Case:
A break below $96,000 could lead to a test of $94,000 or even $92,000.
Probability: 35%, as the current structure favors bulls.
5. Trading Setups
Long Setup:
Entry: Above $98,000 (Bar 14 high).
Stop-Loss: Below $96,000 (Bar 12 low).
Target: $104,000 (MM projection).
Short Setup:
Entry: Below $96,000 (Bar 12 low).
Stop-Loss: Above $98,000 (Bar 14 high).
Target: $92,000 (intermediate support).
Measured Move (MM): This is a way to project future price levels by measuring the size of a previous move and applying it to the next potential breakout.
Higher Highs (HH) and Higher Lows (HL): These are building blocks of an uptrend. Each HH shows increasing bullish strength, while each HL confirms buyers’ dominance.
Do you think Bitcoin will push through $98,000 and head toward $104,000? Or is this the beginning of a pullback? Share your thoughts in the comments! Let’s discuss and learn together!
Trade closed: target reached
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.
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.